Cedric Company recently traded in an older model of equipment for a new model. The old model's book value was $252,000 (original cost of $552,000 less $300,000 in accumulated depreciation) and its fair value was $280,000. Cedric paid $68,000 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.)
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