Exercise 9-24 Recording PPE disposal or exchange LO6 On January 2, 2020, Direct Shoes Inc. disposed of a machine that cost $88,000 and had been depreciated $47,650. Present the journal entries to record the disposal under each of the following unrelated assumptions: a. The machine was sold for $36,500 cash. View transaction list 5 Journal entry worksheet b. The machine was traded in on new tools having a $125,000 cash price. A $44,000 trade-in allowance was received, and the balance was paid in cash. Since the tools have been customized, the fair values are not known. View transaction list Journal entry worksheet