On January 2, Bering Company disposes of a machine costing $30,600 with accumulated depreciation of $16,484. Prepare the entries to record the disposal under each separate situation 1. The machine is sold for $11,839 cash. 2. The machine is traded in for a new machine having a $47100 cash price. A $14,571 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 $47100 cash price. A $10,928 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 $47,100 cash price. A $14,571 trade-in allowance is received, and the balance is paid in cash. Assume the asset exchange has commercial substance. Vlow transaction list Journal entry worksheet 1 Record the exchange assuming that the exchange has commercial substance. Required Required 2 Required 3 The machine is sold for $11,839 cash. View transaction list Journal entry worksheet Record the sale of the machine for $11,839 cash. Note: Enter debits before credits Debit Credit Date January 02 General Journal Cash Loss on sale of machinery Accumulated depreciation Machinery (old) Machinery (old) 11 839 2.277 16,484 30,000 The machine is traded in for a new machine having a $47,100 cash price. A $14,571 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. Credit Non er debita before credits General Journal Date January 02 Machinery (new) Accumulated depreciation Machinery (old) Gain on exchange of machinery Machinery Cold) Cash Debit 47,100 18.484 30.000 32,529 Record entry Clear entry View general Journal The machine is traded in for a new machine having a $47,100 cash price. A $10,928 trade-in allowance is received, and the balance is paldin cash. Assume the asset exchange has commercial substance. View transaction et Journal entry worksheet