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3 Exercise 8-24A Recording plant asset disposals LO P5 40 points Skipped On January 2, Bering Co. disposes of a machine costing $51,400 with accumulated depreciation of $27,689. Prepare the entries to record the disposal under each separate situation. 1. The machine is sold for $19,886 cash. 2. The machine is traded in for a new machine having a $67,900 cash price. A $24,476 trade-in allowance is received, and the balance is paid in cash. Assume the asset exchange has commercial substance. 3. The machine is traded in for a new machine having a $67,900 cash price. A $18,357 trade-in allowance is received, and the balance is paid in cash. Assume the asset exchange has commercial substance. eBook Hint Complete this question by entering your answers in the tabs below. Ask Required Required Required 2 3 The machine is sold for $19,886 cash. Print View transaction list Journal entry worksheet Record the sale of the machine for $19,886 cash. Note: Enter debits before credits. General Journal Debit Credit Date Jan 02 Record entry View general journal Clear entry Required Required 2 3 Exercise 8-24A Recording plant asset disposals LO P5 40 points On January 2, Bering Co. disposes of a machine costing $51,400 with accumulated depreciation of $27,689. Prepare the entries to record the disposal under each separate situation. Skipped 1. The machine is sold for $19,886 cash. 2. The machine is traded in for a new machine having a $67,900 cash price. A $24.476 trade-in allowance is received, and the balance is paid in cash. Assume the asset exchange has commercial substance. 3. The machine is traded in for a new machine having a $67,900 cash price. A $18,357 trade-in allowance is received, and the balance is paid in cash. Assume the asset exchange has commercial substance. eBook Hint Complete this question by entering your answers in the tabs below. Ask Required Required Required 1 2 3 The machine is traded in for a new machine having a $67,900 cash price. A $24,476 trade-in allowance is received, and the balance is paid in cash. Assume the asset exchange has commercial substance. Print Show less View transaction list Journal entry worksheet Record the exchange assuming that the exchange has commercial substance. Note: Enter debits before credits. General Journal Debit Credit Date Jan 02 Record entry View general journal Clear entry 3 Exercise 8-24A Recording plant asset disposals LO P5 40 points On January 2, Bering Co. disposes of a machine costing $51,400 with accumulated depreciation of $27,689. Prepare the entries to record the disposal under each separate situation. Skipped 1. The machine is sold for $19,886 cash. 2. The machine is traded in for a new machine having a $67,900 cash price. A $24,476 trade-in allowance is received, and the balance is paid in cash. Assume the asset exchange has commercial substance. 3. The machine is traded in for a new machine having a $67,900 cash price. A $18,357 trade-in allowance is received, and the balance is paid in cash. Assume the asset exchange has commercial substance. eBook Hint Complete this question by entering your answers in the tabs below. Ask Required Required Required 1 2 3 Print The machine is traded in for a new machine having a $67,900 cash price. A $18,357 trade-in allowance is received, and the balance is paid in cash. Assume the asset exchange has commercial substance. Show less A View transaction list Journal entry worksheet 1 > Record the exchange assuming that the exchange has commercial substance. Note: Enter debits before credits. General Journal Debit Credit Date Jan 02 Record entry View general journal Clear entry