On January 2, Bering Company disposes of a machine costing $55,200 with accumulated depreciation of $29,736. Prepare the entries to record the disposal under each separate situation. 1. The machine is sold for $21,357 cash. 2. The machine is traded in for a new machine having a $71,700 cash price. A$26,285 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 $71,700 cash price. A$19,714 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. The machine is sold for $21,357 cash. Journal entry worksheet Record the sale of the machine for $21,357 cash. Note: Enter debits before credits