On December 31, Sebastian Company acquired new equipment with a fair market value of $458,000. Sebastian received a trade-in allowance of $92,000 on the old equipment of a similar type and paid cash of $366,000.

The following information about the old equipment is obtained from the account in the equipment ledger: Original Cost, $336,000; accumulated depreciation on December 31, $235,000. Journalize the entry to record the exchange transaction on December 31.