Cedric Company recently traded in an older model of equipment for a new model. The old model's book value was $$191,000($original cost of $$421,000$ less $$230,000$ in accumulated depreciation$)$ and its fair value was $$180,000.$ Cedric paid $$61,000$ 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.

Answer is not complete.

$\backslash$table$[[$No$,$Transaction,General Journal,,Debit,Credit$],[1,1,$Equipment $-$ new,$0,241,000,],[,$Accumulated depreciation,$(1),230,000,],[,$Gain on exchange of assets,$x,,11,000$