Peterson Company decided to trade in an old machine for a new one. The old machine originally cost $30,000, and on the date it was traded in, it had an accumulated depreciation of $17,100. The price of the new machine was $27,500. Peterson Company was given a trade-in allowance of $12,700 for the old machine, and agreed to pay the balance in cash Required: Prepare the yournal entry on Peterson Company's records to record the trade-in transaction Note: No dates are necessary in the journal entry Date Account De Credit