Turnip Company traded a used mixing machine for a new model. The used machine has a book value of $10, 600 (cost $31, 800 less $21, 200 accumulated depreciation) and a fair market value of $8, 100. The new mixing machine has a list price or fair value of $31, 300, the seller has allowed a trade-in allowance of $8, 100 on the old machine, and Turnip paid the balance, $23, 200, in cash ($31, 300-$8, 100). Prepare the journal entry required to record the exchange on the books of the Turnip Company. Assume the exchange has commercial substance. (Record debits first, then credits. Exclude explanations from any journal entries.)