Cedric Company recently traded in an older model of equipment for a new model. The old model's book value was $279,000 (original cost of $609,000 less $330,000 in accumulated depreciation) and its fair value was $310,000 Cedric paid $71,000 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.) Answer is not complete. Credit No Transaction 1 General Journal Equipment new Accumulated depreciation Gain on exchange of assets Equipment old Cash OOOOO Debit 381,000 3,300,000 -31,000 600.000