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Cedric Company recently traded in an older model computer for a new model. The old...

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Accounting

Cedric Company recently traded in an older model computer for a new model. The old models book value was $202,000 (original cost of $442,000 less $240,000 in accumulated depreciation) and its fair value of the old equipment is $190,000. Cedric paid $62,000 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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