Return to question Cedric Company recently traded in an older model computer for a new model. The old model's book value was $189,000 (original cost of $419,000 less $230,000 in accumulated depreciation) and its fair value was $210,000. Cedric paid $61,000 to complete the exchange which has commercial substance. points 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.) No Event Answer is not complete. General Journal Equipment-new Accumulated depreciation Credit Debit 271,000 320,000 89,000 Loss Cash Equipment-old 70,000 X 610,000 X