Cash and Equipment - old are both incorrect.

Cedric Company recently traded in an older model of equipment for a new model. The old model's book value was $288,000 (original cost of $628,000 less $340,000 in accumulated depreciation) and its fair value was $320,000. Cedric paid $72,000 to complete the exchange which has commercial substance. 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.) View transaction list Journal entry worksheet Record the exchange of assets. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 392,000 340,000 Equipment - new Accumulated depreciation Gain on exchange of assets Cash 32,000 72,000 628,000 Equipment - old Record entry Clear entry View general journal