WPP 7 - Chapter 10 i 7 Saved 1 points Cedric Company recently traded in an older model of equipment for a new model. The old model's book value was $360,000 (original cost of $780,000 less $420,000 in accumulated depreciation) and its fair value was $400,000. Cedric paid $80,000 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.) eBook Hint Print References View transaction list Journal entry worksheet > 1 Record the exchange of assets. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit Record entry Clear entry View general journal