Cedric Company recently traded in an older model of equipment for a new model. The old model's book value was $$351,000($original cost of $$761,000$ less $$410,000$ in accumulated depreciation$)$ and its fair value was $$390,000.$ Cedric paid $$79,000$ 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,Gen,,Debit,Credit$],[1,1,$Equipment$-$new,$0,351,000x,],[,$Accumulated depreciation,$2,410,000,],[,$Accumulated depreciation,$($x$),,39,000],[,$Cash,$0,,79\mathrm{.}000$