By saying that you purchased new assets to "replace them," I'm assuming you mean like assets. This creates a trade-in entry, rather than a sale and then a new replacement.
Make sure depreciation is caught up to this point first. i.e. if you're on a calendar year and you did this June 1, then you need to depreciate 5 months. You then need to reverse out the old asset and its associated depreciation. i.e. dr the accumulated depreciation and cr the old asset.
Don't do anything with the "discounted" trade-in value. That number should never be on your books. You record assets at cost (although gains are deferred), not at a reduced value that came from a trade-in. This isn't the same thing as getting a discount off something. It's not a discount at all and you can't think of it that way.
If you buy something for $50,000, the company wants $50,000 in some form or other. A trade-in is something you are giving them to help cover the $50,000 of costs -- it's not a discount off the price. Yes, it reduces how much is left that you must give them, but you gave them an asset for it, so you still gave something up for it. The rest will now or eventually get paid in cash. Which is another asset you are giving up for it. And giving up an asset is giving up an asset. (Please note that if you got an outright discount for some reason, that is different and you would reduce that from cost. But a trade-in isn't a "discount.")
Where was I? OK, they allow you however much for the trade-in and they want the rest in some form. So whatever cash you paid, credit that. If you still owe any of that, you credit a notes payable. So your cash, your trade-in and your note should add up to the original cost of your new assets.
Then use the book value of the old assets and the trade-in allowance to determine a gain or loss. i.e. did they allow more or less than your book value? If you have a loss, debit it. If you have a gain, don't take it -- reduce it off the cost of the new assets. By doing that, you're deferring the gain. It'll get made up for later while depreciating it or later if it's outright sold. If that doesn't make sense, don't worry about it -- just do it.
Did you follow all that? Trade-in for like items is a little weird.
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