Cedric Company recently traded in an older model of equipment for a new model. The old model's book value was $$252,000($original cost of $$552,000$ less $$300,000$ in accumulated depreciation$)$ and its fair value was $$280,000.$ Cedric paid $$68,000$ to complete the exchange which has commercial substance.

Required:

Prepare the journal entry to record the exchange.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.

Journal entry worksheet

$1$

Record the exchange of assets.

Note: Enter debits before credits.

$\backslash$table$[[$Transaction$,$General Journal,Debit,Credit$],[1,,,],[,,,],[,,,],[,,,],[,,,],[,,,],[,,,]]$