! Required information [The following information applies to the questions displayed below.) On January 2, 2017, Bering Co. disposes of a machine costing $44,000 with accumulated depreciation of $24,625. Prepare the entries to record the disposal under each of the following separate assumptions. 2. The machine is traded in for a newer machine having a $60,200 cash price. A $25,000 trade-in allowance is received, and the balance is paid in cash. Assume the asset exchange has commercial substance. X Answer is not complete. No Date General Journal Debit Credit 1 Jan 02 Cash Accumulated depreciationMachinery (old) Loss on sale of machinery