On January 2, Bering Company disposes of a machine costing $38,300 with accumulated depreciation of $20,632. Prepare the entries to record the disposal under each separate situation. 1. The machine is sold for $14,818 cash. 2. The machine is traded in for a new machine having a $54,800 cash price. A $18,238 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 $54,800 cash price. A $13,678 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 $14,818 cash. View transaction list Journal entry worksheet Record the exchange assuming that the exchange has commercial substance. Note: Enter debits before credits. General Journal Debit Credit Date January 02 Record entry Clear entry View general journal Required 1 Required 2 Required 3 The machine is traded in for a new machine having a $54,800 cash price. A $13,678 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. Date General Journal Debit Credit January 02 Record entry Clear entry View general journal