Required information Exercise 10-24A Recording plant asset disposals LO P2, P5 The following information applies to the questions displayed below) On January 2, 2017, Bering Co. disposes of a machine costing $49.600 with accumulated depreciation of $26,719. Prepare the entries to record the disposal under each of the following separate assumptions. Exercise 10-24A Part 3 3. The machine is traded in for a newer machine having a $66,100 cash price. A $17.714 trade in allowance is received, and the balance is paid in cash. Assume the asset exchange has commercial substance. View transaction list View journal entry worksheet No Date General Journal Debit Credit 1 Jan 02 Cash