On January 2, Bering Co. disposes of a machine costing $36,500 with accumulated depreciation of $19,662. Prepare the entries to record the disposal under each separate situation. 1. The machine is sold for $14,122 cash. 2. The machine is traded in for a new machine having a $53,000 cash price. A $17,381 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 $53,000 cash price. A $13.036 trade-in allowance is received, and the balance paid in cash. Assume the asset exchange has commercial substance. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 The machine is sold for $14,122 cash. View transaction list Journal entry worksheet 1 Record the sale the machine for $14,122 cash. Note: Enter debits before credits. General Journal Debit Credit Date Jan 02 The machine is traded in for a new machine having a $53,000 cash price. A $17,381 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 Record the exchange assuming that the exchange has commercial substance. Note: Enter debits before credits. General Journal Debit Credit Date Jan 02