On January 2, Bering Company disposes of a machine costing $60,000 with accumulated depreciation of $32,321. Prepare the entries to record the disposal under each separate situation. 1. The machine is sold for $23,214 cash. 2. The machine is traded in for a new machine having a $76,500 cash price. A $28,572 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 $76,500 cash price. A $21,429 trade-in allowance is received, and the balance is paid in cash. Assume the asset exchange has commercial substance.