On January 2, Bering Company disposes of a machine costing $57.600 with accumulated depreciation of $31,029. Prepare the entries to record the disposal under each separate situation. 1. The machine is sold for $22,285 cash. 2. The machine is traded in for a new machine having a $74,100 cash price, A $27,428 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 $74,100 cash price. A $20,571 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 $22,285 cash. View transaction list Journal entry worksheet Record the exchange assuming that the exchange has commercial substance Note: Enter bits before credits @ HT General Journal Debit Credit Dute January 02 Nice Required 1 Required 2 Required 3 The machine is traded in for a new machine having a $74,100 cash price. A $20,571 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