On January 2, Bering Company disposes of a machine costing $41,300 with accumulated depreciation of $22,248. Prepare the entrie to record the disposal under each separate situation. 1. The machine is sold for $15,979 cash. 2. The machine is traded in for a new machine having a $57,800 cash price. A $19,666 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 $57,800 cash price. A $14,750 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 $15,979 cash. View transaction list View journal entry worksheet No Date General Journal 1 January 02 Cash Accumulated depreciation-Machinery (old) Loss on exchange of assets Machinery (old) < Required 1 Required 2 > Debit Credit 18,250 22,248 17,302 57,800