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On January 2 Bering Company disposes of a machine costing $55,500 with accumulated depreciation of $29,897 Prepare the entries to record the disposal under each separate situation 1. The machine is sold for $21,473 cash 2. The machine is traded in for a new machine having a $72,000 cash price. A $26.429 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 $72,000 cash price. A $19,822 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. The machine is sold for $21,473 cash. The machine is sold for $21,473 cash. Journal entry worksheet Record the sale of the machine for $21,473cash. Note: Enter debits before credits. Journal entry worksheet Record the exchange assuming that the exchange has commercial substance. Note: Enter Jebits behore credits. The machine is traded in for a new machine having a $72,000 cash price. A $19,822 trade-in allowance is received, and the balance is paid in cash. Assume the asset exchange has commercial substance. Journal entry worksheet Record the exchange assuming that the exchange has commercial substance. Note: Enter debits before credith

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