A knitting machine, which had cost $210,000 and had accumulated depreciation of $147,000, was traded for a new knitting machine with a fair market value of $235,000. The old knitting machine and $180,000 in cash were given for the new knitting machine. Required: 1. Prepare the journal entry to record the exchange of these similar assets. If an amount box does not require an entry, leave it blank. Page: 1 POST. DATE DESCRIPTION DEBIT CREDIT REF. 1 Dec. 31 1 2 2 3 3 4 5 2. Assume a $63,000 trade-in allowance for the old knitting machine. Prepare the journal entry to record the exchange. If an amount box does not require an entry, leave it blank. Page: 1 POST. DATE DESCRIPTION DEBIT CREDIT REF. 1 Dec. 31 1 2 2 3 3 4 4