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A company recently traded in an older model of equipment for a new model. The old model's book value was $367.000 (otiginai cost of $757,000 less $390,000 in accumulated depreciation) and its fair value was $340,000. The company paid $77,000 to complete the exchange which has commerclal 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. Journal entry worksheet Note: Enter debits berore creaits