Cedric Company recently traded in an older model of equipment for a new model. The old model's book value was $235,000 (original cost of $505,000 less $270,000 in accumulated depreciation) and its fair value of the old equipment is $220,000. Cedric paid $65,000 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.) No Transaction Answer is not complete. General Journal Accumulated depreciation Equipment - new Credit 1 1 Debit 270,000 220,000 Land Equipment - old Cash 190,000 235,000 65,000