Cedric Company recently traded in an older model computer for a new model. The old model's book value was $180,000 (original cost of $400,000 less $220,000 in accumulated depreciation) and its fair value of the old equipment is $170,000. Cedric paid $60,000 to complete the exchange which has commercial substance. Regulred: 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 Record the exchange of assets. Note: Enter debits before credits MacBook Pro Journal entry worksheet Record the exchange of assets. Note: Enter debits before credits Event General Journal Debit Credit Record entry Clear entry View general journal 10 EOS 1D&CONWPXOLSOS DE MacBook Pro