Exercise 10-15 (Algo) Nonmonetary exchange (LO10-6] Cedric Company recently traded in an older model of equipment for a new model. The old model's book value was $224,000 (original cost of $484,000 less $260,000 in accumulated depreciation) and its fair value of the old equipment is $210,000. Cedric paid $64,000 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.) X Answer is not complete. No Transaction General Journal Debit Credit 1 1 Equipment - new Accumulated depreciation 274,000 260,000 Cash 64,000 484,000 Equipment - old Gain on exchange of assets 14,000