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 recelved, 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 $23,021 cash. View transaction list Journal entry worksheet Journal entry worksheet Record the sale of the machine for $23,021 cash. Note: Enter debits before credits. Debit Credit Date January 02 General Journal Cash Loss on sale of machinery Accumulated depreciation --Machinery (old) Machinery (new) 23,021 4,427 32,052 59,500 Record entry Clear entry View general journal :46 Record the exchange assuming that the exchange has commercial substance. Note: Enter debits before credits. General Journal Debit Credit Date January 02 76,000 Machinery (new) Accumulated depreciation-Machinery (old) Gain on exchange of machinery Machinery (old) Cash 28,333 47,667 Record entry Clear entry View general journal Journal entry worksheet