Cedric Company recently traded in an older model of equipment for a new model. The old model's book value was $180.000 forint cost of $400,000 less $220.000 in accumulated depreciation) and its fair value was $200,000. Cedric paid $60,000 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.) View transaction ist Journal entry worksheet Record the exchange of assets. Taman 1 General Journal Equipment Debit Credit 260.000 60 000 CE View general journal