On January 2, 2017, Bering Co. disposes of a machine costing $45,500 with accumulated depreciation of $24,510. Prepare the entries to record the disposal under each of the following separate assumptions.

Exercise 10-24A Part 1

1. The machine is sold for $17,604 cash.

Record the sale of the machine for $17,604 cash.

Note: Enter debits before credits.

Date	General Journal	Debit	Credit
Jan 02

2. The machine is traded in for a newer machine having a $62,000 cash price. A $21,667 trade-in allowance is received, and the balance is paid in cash. Assume the asset exchange has commercial substance.

Record the exchange assuming that the exchange has commercial substance.

Note: Enter debits before credits.

Date	General Journal	Debit	Credit
Jan 02

3. The machine is traded in for a newer machine having a $62,000 cash price. A $16,250 trade-in allowance is received, and the balance is paid in cash. Assume the asset exchange has commercial substance.

Record the exchange assuming that the exchange has commercial substance.

Note: Enter debits before credits.

Date	General Journal	Debit	Credit
Jan 02