Dodson Company traded in an old pressing machine for a new folding machine and gave $8,000 cash. The old machine cost $93,000 and had accumulated depreciation of $22,000. The new machine had a fair market value of $68,000. The exchange had commercial substance. Prepare the journal entry to record this exchange. Show any calculations you made in determining dollar amounts in your journal entry. Be sure to record your answer in such a way that I can tell whether an account is being debited or credited.