Cedric Company recently traded in an older model computer for a new model. The old models book value was $220,000 (original cost of $480,000 less $260,000 in accumulated depreciation) and its fair value was $280,000. Cedric paid $68,000 to complete the exchange which has commercial substance.

Required:

Prepare the journal entry to record the exchange. (If no entry is required for an event, select "No journal entry required" in the first account field.)