On January 2, Bering Company disposes of a machine costing $59,500 with accumulated depreciation of $32,052. Prepare the entries to record the disposal under each separate situation. 1. The machine is sold for $23,021 cash. 2. The machine is traded in for a new machine having a $76,000 cash price. A $28,333 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 $76,000 cash price. A $21,250 trade-in allowance is received, and the balance is paid in cash. Assume the asset exchange has commercial substance. Journal entry worksheet 1 Record the sale of the machine for $23,021 cash. Note: Enter debits before credits. General Journal Debit Credit Date January 02 Record entry Clear entry View general Journal 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