Cedric Company recently traded in an older model of equipment for a new model. The old model's book value was $389,000 (original cost of $799,000 less $410,000 in accumulated depreciation) and its fair value was $360,000. 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.