On January 2, Bering Co. disposes of a machine costing $45,800 with accumulated depreciation of $24,672. Prepare the entries to record the disposal under each separate situation. 1. The machine is sold for $17,720 cash. 2. The machine is traded in for a new machine having a $62,300 cash price. A $21,809 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 $62,300 cash price. A $16,357 trade-in allowance is received, and the balance is 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 $17,720 cash. View transaction list Journal entry worksheet