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. 1.the machine is sold for $18,250 cash.2.the machine is traded in for a newer machine having a $60,200 cashprice. a $25,000 trade-in allowance is received, and the balance is paidin cash. assume the asset exchange has commercial substance.3.the machine is traded in for a newer machine having a $60,200 cashprice. a $15,000 trade-in allowance is received, and the balance is paidin cash. assume the asset exchange has commercial substance.

Scenario 1: Loss on Disposal of $1,125

Scenario 2: Gain on Disposal of $5,625  

Scenario 3: Loss on Disposal of $4,375

Explanation:

Scenario 1

                                                                      Debit           Credit  

DebitCash Received                                       $18,250  

DebitAccumulated Depreciation                      $24,625  

DebitLoss on Disposal (Balancing Figure)      $1,125  

CreditMachine at Cost                                                        $44,000  

(To record disposal of Machine for Cash)

Scenario 2

                                                                      Debit           Credit  

DebitNew Machine - Trade in Allowance      $25,000  

DebitAccumulated Depreciation                      $24,625  

CreditGain on Disposal (Balancing Figure)                        $5,625  

CreditMachine at Cost                                                        $44,000  

(To record disposal of Machine with Trade in Allowance)

DebitNew Machine at Cost                           $60,200  

CreditTrade in Allowance                                           $25,000  

CreditCash                                                                    $35,200  

(To record acquisition of New Machine)

Scenario 3

                                                                      Debit           Credit  

DebitNew Machine - Trade in Allowance    $15,000  

DebitAccumulated Depreciation                    $24,625  

DebitLoss on Disposal (Balancing Figure)    $4,375  

CreditMachine at Cost                                                       $44,000  

(To record disposal of Machine with Trade in Allowance)

DebitNew Machine at Cost                           $60,200  

CreditTrade in Allowance                                             $15,000  

CreditCash                                                                      $45,200  

(To record acquisition of New Machine)

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