Clarke Company traded a used mixing machine for a new model. The used machine has a book value of $ 11,000 (cost $ of$11,000(cost$ 32,000 less $ 21,000 accumulated depreciation) and a fair market value of $ 8,000. The new mixing machine has a list price or fair value of $ 31,000, the seller has allowed a trade- in allowance of $ 8,000 on the old machine, and Clarke paid the balance, $ 23,000, in cash ($ 31,000 - $ 8,000). Prepare the journal entry required to record the exchange on the books of the Clarke Company. Assume the exchange has commercial substance.