Ringstar Company purchased a new car for $60,000 by paying $24,000 cash, and trading in an old car with a recorded net cost and market value of $20,000. They also signed a Note for $16,000. The required journal entry will not: A) Debit New Car for $60,000 B) Debit Notes Payable for $16,000 C) Credit Old Car for $20,000 D) Credit Notes Payable for $16,000