On January 2. Bering Company disposes of a machine costing $53,000 with accumulated depreciation of $28,551. Prepare the entries record the disposal under each separate situation. 1. The machine is sold for $20,505 cash. 2. The machine is traded in for a new machine having a $69,500 cash price. A $25,237 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 $69,500 cash price. A$18,928 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 $20,505 cash. Journal entry worksheet