Cedric Company recently traded in an older model of equipment for a new model. The old models book value was $268,000 (original cost of $568,000 less $300,000 in accumulated depreciation) and its fair value of the old equipment is $250,000. 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 a transaction/event, select "No journal entry required" in the first account field.)