Health Smart Limited (HSL) purchased a manufacturing assembly machine for its new prod- uct launch: The Total Health Watch on March 2, 2017 for $62,000 cash. It had an estimated useful life of five years and a residual value of $14,000. On February 25, 2020, the machine was disposed of. HSL's year-end is December 31, and it calculates depreciation to the nearest whole month using straight-line depreciation. Required 1. Prepare the entry to record the disposal under each of the following independent assumptions: a. The machine was sold for $26,000 cash. b. The machine was sold for $33,200 cash. c. The machine was sold for $34,180 cash. d. The old machine was exchanged for tools with a market value of $88,000. A trade-in allowance of $25,000 was offered on the old machine and the balance was paid in cash. Assume the $88,000 market value of the tools represents their fair value. Additional company transaction