Griffin Company decided to trade in an old machine for a new one. The old machine originally cost $24,000, and on the date it was traded in, it had an accumulated depreciation of $15,840. The price of the new machine was $25,200. Griffin Company was given a trade-in allowance of $10,100 for the old machine, and agreed to pay the balance in cash. Required: Prepare the journal entry on Griffin Company's records to record the trade-in transaction. Note: No dates are necessary in the journal entry Date Account Title Deset Creat AX