Cedric Company recently traded in an older model computer for a new model. The old model's book value was $306.000 (original cost of $656,000 less $360,000 in accumulated depreciation) and its fair value was $340,000. Cedric paid $74,000 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.)