On March 1(st) , 2022 McBride Equipment entered into a purchase agreement with Century Sales Limited. McBride agreed to trade in production equipment that had originally cost $800,000 when it was purchased on January 1 2018, for a new piece of similar equipment with a list price of $ 1,280,000. McBride has been depreciating the equipment on a straight-line basis (based on a ten- year depreciation period with no residual value). The fair value of the equipment traded in was $440,000 and McBride also paid $ 800,000 case century was carrying the new equipment in their finished goods inventory at a cost of $880,000. This transaction was deemed to have commercial substance

Required: Prepare the journal entry for the transaction for McBride Equipment Inc.