Cedric Company recently traded in an older model computer for a newer model. The book value of the old model was $323,000 ($673,000 original cost less $350,000 accumulated depreciation) and the fair value of the old equipment is $300,000. Cedric paid $73,000 to complete the trade that 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.)