On January 2, Bering Company disposes of a machine costing $58,300 with accumulated depreciation of $31,406. Prepare the entries to record the disposal under each separate situation. 1. The machine is sold for $22,556 cash. 2. The machine is traded in for a new machine having a $74,800 cash price. A $27,761 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 $74,800 cash price. A $20,821 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 traded in for a new machine having a $74,800 cash price. A $27,761 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 < Record the exchange assuming that the exchange has commercial substance. Note: Enter debits before credits.