On January 2, Bering Company disposes of a machine costing $34,000 with accumulated depreciation of $18,315. Prepare the entries to record the disposal under each separate situation. 1. The machine is sold for $13,155 cash. 2. The machine is traded in for a new machine having a $50,500 cash price. A $16,191 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 $50,500 cash price. A $12,143 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 $13,155 cash. View transaction list Journal entry worksheet On January 2, Bering Company disposes of a machine costing $34,000 with accumulated depreciation of $18,315. Prepare the entries to record the disposal under each separate situation 1. The machine is sold for $13,155 cash 2. The machine is traded in for a new machine having a $50,500 cash price. A $16,191 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 $50,500 cash price. A $12,143 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 traded in for a new machine having a $50,500 cash price. A $16,191 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