On January 2, Bering Company disposes of a machine costing $53,300 with accumulated depreciation of $28,712. Prepare the entries to record the disposal under each separate situation. 1. The machine is sold for $20,622 cash. 2. The machine is traded in for a new machine having a $69,800 cash price. A $25,381 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 $69,800 cash price. A $19,036 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. The machine is sold for $20,622cash