Cedric Company recently traded in an older model of equipment for a new model. The old model's book value was $356,000 (original cost of $736,000 less $380,000 in accumulated depreciation) and its fair value of the old equipment is $330,000. Cedric paid $76,000 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. No Transaction General Journal Debit Credit 1 1 406,000 380,000 Equipment - new Accumulated depreciation Cash Equipment - old Gain on exchange of assets . 76,000 X 736,000 330,000