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Cedric Company recently traded in an older model computer for a new model. The old model's book value was $351,000 (original cost of $761,000 less $410,000 in accumulated depreciation) and its fair value was $390,000. Cedric paid $79,000 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.) View transaction list Journal entry worksheet Record the exchange of assets. Note: Enter debits before credits Debit General Journal Event Credit