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Cedric Company recently traded in an older model of equipment for a new model. The old model's book value was $257,000 (original cost of $547,000 less $290,000 in accumulated depreciation) and its fair value of the old equipment is $240,000. Cedric paid $67,000 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.) Journal entry worksheet 1 Record the exchange of assets. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal