Cedric Company recently traded in an older model of equipment for a new model. The old model's book value was $333,000 (original cost of $723,000 less $390,000 in accumulated depreciation) and its fair value was $370,000. Cedric paid $77,000 to complete the exchange which has commercial substance. Required: Prepare the journal entry to record the exchange. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet 1 Record the exchange of assets. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit Record entry Clear entry View general journal >