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Cedric Company recently traded in an older model of equipment for a new model. The old model's book value was $243,000 (original cost of $533,000 less $290,000 in accumulated depreciation) and its fair vatur was $270,000. Ced dric patd $67,000 to comptete thie exchange which has commercial substance. Required: Prepare the joumal entry to record the exchange. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Note: Enter debats Defore credits