cash Jenkins Company decided to trade in an old machine for a new one. The old machine originally cost $68,000, and on the date it was traded in, it had an accumulated depreciation of $40,600. The price of the new machine was 545,900. Jenkins Company was given a trade-In allowance of $30,000 for the old machine, and agreed to pay the balance in Required: Prepare the journal entry on Jenkins Company's records to record the trade in transaction Note: No dates are necessary in the journal entry Date Account The Debit Credit