Exercise $10-15($Algo$)$ Nonmonetary exchange $[$LO$10-6]$

Cedric Company recently traded in an older model of equipment for a new model. The old model's book value was $$312,000($original

cost of $$652,000$ less $$340,000$ in accumulated depreciation$)$ and its fair value was $$290,000.$ Cedric paid $$72,000$ to complete the

exchange which has commercial substance.

Required:

Prepare the journal entry to record the exchange.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.

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