On January 2, 2020, Direct Shoes Inc. disposed of a machine that cost $94,000 and had been depreciated $50,250. Present the journal entries to record the disposal under each of the following unrelated assumptions: b. The machine was traded in on new tools having a $137,000 cash price. A $50,000 trade-in allowance was received, and the balance was paid in cash. Since the tools have been customized, the fair values are not known. Answer is complete but not entirely correct. General Journal Credit No 1 Date January 02, 2020 Tools Accumulated depreciation, machine Machine Debit 137,000 X 50,250 Cash 94,000 87,000 6,250 $ Gain on disposal