Cedric Company recently traded in an older model of equipment for a new model. The old model's book value was $279,000 (original cost of $589,000 less $310,000 in accumulated depreciation) and its fair value of the old equipment is $260,000. Cedric paid $69.000 to complete the exchange which has commercial substance. Required: Prepare the journal entry to record the exchange. Of no entry is required for a transaction/event, select "No journal entry required in the first account field.) No Transaction Debit Credit 1 Answer is not complete. General Journal Equipment new Accumulated depreciation Loss on exchange of assets Equipment old Cash 310.000 OOOO 200.000 589,000 69,000