Cedric Company recently in an older model of equipment for a new model The model's book value was \$191,000 (original cost of \$421,000 less \$230,000 in accumulated depreciation) and its fair value of the old equipment is \$180,000 Cedric paid \$61,000 to complete the exchange which has commercial substance

Exercise 10-15 (Algo) Nonmonetary exchange [LO10-6) Cedric Company recently traded in an older model of equipment for a new model. The old model's book value was $191,000 (original cost of $421,000 less $230,000 in accumulated depreciation) and its fair value of the old equipment is $180,000 Cedric paid $61,000 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 fist View journal entry worksheet NO Transaction Dobil Credit 1 1 General Journal Equipment now Accumulated depreciation Loss on exchange of assets Cash Equipment - old 191,000 230,000 72,000 61,000 421,000