Eedric Company recently traded in an older model of equipment for a new model. The old model's book value was $342,000 (original ost of $742,000 less $400,000 in accumulated depreciation) and its fair value was $380,000. Cedric paid $78,000 to complete the xchange which has commercial substance. lequired: repare the journal entry to record the exchange. lote: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Note: Enter debits before credits