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Prepare the journal entry to record the exchange

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Question - Cedric Company recently traded in an older model of equipment for a new model. The old model's book value was $351,000 (original cost of $761,000 less $410,000 in accumulated depreciation) and its fair value was $390,000. Cedric paid $79,000 to complete the exchange which has commercial substance.

Required - Prepare the journal entry to record the exchange.

Reference no: EM132526823

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