On January 2, Bering Company disposes of a machine costing $51,500 with accumulated depreciation of $27,743. Prepare the entries to record the disposal under each separate situation. 1. The machine is sold for $19,925 cash. 2. The machine is traded in for a new machine having a $68,000 cash price. A $24,523 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 $68,000 cash price. A $18,392 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 1 Required 2 Required 3 The machine is sold for $19,925 cash. View transaction list Journal entry worksheet 1 Record the sale of the machine for $19,925 cash. Note: Enter debits before credits. General Journal Date January 02 Cash Loss on sale of machinery Debit 19,925 Credit > Required 1 Required 2 Required 3 The machine is traded in for a new machine having a $68,000 cash price. A $24,523 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 Record the exchange assuming that the exchange has commercial substance. Note: Enter debits before credits. General Journal Debit Credit Date January 02 Clear entry View general journal Record entry Required 1 Required 2 Required 3 The machine is traded in for a new machine having a $68,000 cash price. A $18,392 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 >