Cedric Company recently traded in an older model of equipment for a new model. The old models book value was $261,000 (original cost of $571,000 less $310,000 in accumulated depreciation) and its fair value was $290,000. Cedric paid $69,000 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.)

Record the exchange of assets.