On January 2,2023 , Direct Shoes Inc. disposed of a machine that cost $86,000 and had been depreciated $46,450. Present the journal entries to record the disposal under each of the following unrelated assumptions: a. The machine was sold for $34,500cash. Journal entry worksheet The machine was traded in on new tools having a $121,000 cash price. A $42,000 trade-in allowance was received, and the balance as paid in cash. Since the tools have been customized, the fair values are not known. Journal entry worksheet The machine plus $70,000 was exchanged for a delivery van having a fair value of $106,000. Journal entry worksheet Note: Enter debits before credits. d. The machine was traded for vacant land adjacent to the shop to be used as a parking lot. The land had a fair value of $77,000, and Direct Shoes inc. paid $27,000 cash in addition to giving the seller the machine. Journal entry worksheet