On January 2, Bering Co. disposes of a machine costing $59,300 with accumulated depreciation of $31,944. Prepare the entries to record the disposal under each separate situation.

1. The machine is sold for $22,943 cash.
2. The machine is traded in for a new machine having a $75,800 cash price. A $28,238 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 $75,800 cash price. A $21,179 trade-in allowance is received, and the balance is paid in cash. Assume the asset exchange has commercial substance