On January 2, Bering Co. disposes of a machine costing $47.000 with accumulated depreciation of $25,318. Prepare the entries to record the disposal under each separate situation, 1. The machine is sold for $18,185 cash. 2 The machine is traded in for a new machine having a $63,500 cash price. A $22,381 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 $63,500 cash price. A $16786 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: Required 2 Required 3 The machine is traded in for a new machine having a $63,500 cash price. A $22,381 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 > 1 Required 1 Required 2 Required 3 The machine is sold for $18,185 cash. View transaction list View journal entry worksheet Debit Credit No General Journal 1 Jan 02 Cash Accumulated depreciation Machinery (old) Loss on sale of machinery Machinery (old) 18,185 25,318 3,497 47.000 Reclarea 1 Required 2 > Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 The machine is traded in for a new machine having a $63,500 cash price. A $22,381 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 credito Dobit Credit Date Jan 02 General Journal Gain on exchange of machinery Accumulated depreciation-Machinery (old) Required 1 Required 2 Required 3 The machine is traded in for a new machine having a $63,500 cash price. A $16,786 trade-In allowance is received, and the ba paid in cash. Assume the asset exchange has commercial substance. View transaction list Journal entry worksheet