On January 2, 2015, Bering Co. disposes of a machine costing $40,000 with accumulated depreciation of $21,548. Prepare the entries to record the disposal under each of the following separate assumptions. The machine is sold for $15,476 cash. The machine is traded in fora newer machine having a $56,500 cash price. A$19,047 trade-in allowance is received, and the balance is paid in cash. Assume the asset exchange lacks commercial substance. The machine is traded in fora newer machine having a $56,500 cash price. A$14,285 trade-in allowance is received, and the balance is paid in cash. Assume the asset exchange has commercial substance