Exercise 10-15 (Static) 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 $180,000 (original cost of $400,000 less $220,000 in accumulated depreciation) and its fair value was $170,000. Cedric paid $60,000 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.) View transaction list View journal entry worksheet No Transaction: General Journal 1 1 Accumulated depreciation Equipment-new Loss on exchange of assets Equipment-old Cash Debit Credit 220,000 0 0 20,000 60,000