Cedric Company recently traded in an older model of equipmentfor 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.(If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)