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On January 2, Bering Company disposes of a machine costing $42,300 with accumulated depreciation of $22,787. Prepare the entries to record the disposal under each separate situation. 1. The machine is sold for $16,366 cash. 2. The machine is traded in for a new machine having a $58,800 cash price. A $20,142 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 $58,800 cash price. A $15,107 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. Required 1 Required 2 Required 3 The machine is sold for $16,366 cash. View transaction list Journal entry worksheet Record the exchange assuming that the exchange has commercial substance. Note: Enter debits before credits. General Journal Debit Credit Date January 02 Record entry Clear entry View general journal Required 1 Required 2 Required 31 The machine is traded in for a new machine having a $58,800 cash price. A $15,107 trade-in allowance is received, and the balance is paid in cash. Assume the asset exchange has commercial substance. View transaction list Journal entry worksheet Record the exchange assuming that the exchange has commercial substance. Note: Enter debits before credits. General Journal Debit Credit Date January 02 Record entry Clear entry View general journal Cash MA .. Accumulated amortization Accumulated depletion Accumulated depreciation-Building Accumulated depreciation-Machinery (old) Amortization expense Cash I.IN Building Cash Depletion expense Depreciation expense-Building Depreciation expense-Machinery Cash Li- Gain on exchange of assets Gain on sale of equipment Goodwill Impairment loss Land Land improvements Cash 1 MALL - Leasehold improvements Loss from fire Loss on exchange of assets Loss on sale of machinery Machinery (new) ILI MAL- - Machinery (old) Mineral deposit Ore mine Prepaid rent Rent expense -- III Repairs expense Sales Sales discounts Sales returns and allowances Vehicles