Exercise $10-26$A $($Algo$)$ Exchanging assets LO P$5$

On January $2,$ Bering Company disposes of a machine costing $$40,700$ with accumulated depreciation of $$21,925.$ Prepare the entries to record the disposal under each separate situation.

The machine is sold for $$15,747$ cash.

The machine is traded in for a new machine having a $$57,200$ cash price. A $$19,380$ trade$-$in allowance is received, and the balance is paid in cash. Assume the asset exchange has commercial substance.

The machine is traded in for a new machine having a $$57,200$ cash price. A $$14,535$ trade$-$in allowance is received, and the balance is paid in cash. Assume the asset exchange has commercial substance.

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Requsired $3$