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 $589,000 less $310,000 in accumulated depreciation) and its fair value of the old equipment is $260,000. 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.) View transaction ist Journal entry worksheet 1 Record the exchange of assets. Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general journal