On January 2, Bering Co. disposes of a machine costing $40,400 with accumulated depreciation of $21,763. Prepare the entries to record the disposal under each separate situation. The machine is sold for $15,631 cash. The machine is traded in for a new machine having a $56,900 cash price. A $19,238 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 $56,900 cash price. A $14,429 trade-in allowance is received, and the balance is paid in cash. Assume the asset exchange has commercial substance.
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