Cedric company recently traded in an older model computer

Reference no: EM13593695

Cedric Company recently traded in an older model computer for a new model. The old model's book value was $280,000 (original cost of $600,000 less $320,000 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.

Reference no: EM13593695

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