2 Cedric Company recently traded in an older model of equipment for a new model. The old model's book value was $334,000 (original cost of $694,000 less $360,000 in accumulated depreciation) and its fair value of the old equipment is $310,000. Cedric paid $74,000 to complete the exchange which has commercial substance. 3 points Required: Prepare the journal entry to record the exchange. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Skipped View transaction list eBook Journal entry worksheet Print 1 References Record the exchange of assets. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal