Cedric Company recently traded in an older model computer for a new model. The old models book value was $288,000 (original cost of $628,000 less $340,000 in accumulated depreciation) and its fair value was $320,000. Cedric paid $72,000 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.)

• Record the exchange of assets.

Note: Enter debits before credits.

Event	General Journal	Debit	Credit
1