On January 2, Bering Company disposes of a machine costing $44,200 with accumulated depreciation of $23,810. Prepare the entries to record the disposal under each separate situation. 1. The machine is sold for $17,101 cash. 2. The machine is traded in for a new machine having a $60,700 cash price. A $21,048 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 $60,700 cash price. A $15,786 trade-in allowance is received, and the balance is paid in cash. Assume the asset exchange has commercial substance.