#1 IQBAL Manufacturing Company traded in an old machine for a new one. The old machine had cost Rs.1, 000,000 and accumulated depreciation amounted to Rs. 400,000. The cost price of the new machine was Rs. 1,500,000. IQBAL Manufacturing received a Rs. 350,000 trade-in allowance for the old machine. Required: Pass a compound journal entry to record above transaction. Entry without computation will not be accepted