Cedric Company recently traded in an older model computer for a new model. The old model's book value was $333,000 (original cost of $723,000 less $390,000 in accumulated depreciation) and its fair value was $370,000. Cedric paid $77,000 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 Nst Journal entry worksheet Record the exchange of assets. Note: Enter debits before credits Event General Journal Debit Credit