Cedric Company recently traded in an older model computer for a new model. The old model's book value was $224,000 (original cost of $484,000 less $260,000 in accumulated depreciation) and its fair value of the old equipment is $210,000. Cedric paid $64,000 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 1 Record the exchange of assets. Note: Enter debits before credits Event 1 c+neral Journal Debit Credit Record entry Clear entry View general Journal A 14,000 2 MacBook Pro