On January 2, Bering Co. disposes of a machine costing $30,200 with accumulated depreciation of $16,268. Prepare the entries to record the disposal under each separate situation. 1. The machine is sold for $11,685 cash. 2. The machine is traded in for a new machine having a $46,700 cash price. A $14,381 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 $46,700 cash price. A $10,786 trade-in allowance is received, and the balance is paid in cash. Assume the asset exchange has commercial substance. Required 1 Required 2 Required 3 The machine is sold for $11,685 cash. View transaction list Journal entry worksheet 1 Record the sale of the machine for $11,685 cash. Note: Enter debits before credits General Journal Debit Date Jan 02 Credit Record entry Clear entry View general Journal Required 1 Required 2 Required 3 The machine is traded in for a new machine having a $46,700 cash price. A $14,381 trade-In allowance is received, and the balance is paid in cash. Assume the asset exchange has commercial substance! View transaction list Journal entry worksheet