On January 2, Bering Company disposes of a machine costing $45,900 with accumulated depreciation of $24,726. Prepare the entries to record the disposal under each separate situation.

The machine is sold for $17,759 cash.

The machine is traded in for a new machine having a $62,400 cash price. A $21,857 trade-in allowance is received, and the balance is paid in cash. Assume the asset exchange has commercial substance.

The machine is traded in for a new machine having a $62,400 cash price. A $16,393 trade-in allowance is received, and the balance is paid in cash. Assume the asset exchange has commercial substance.

Prepare a journal entry