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A company recently traded in an older model of equipment for a new model. The...

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Accounting

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A company recently traded in an older model of equipment for a new model. The old model's book value was $216,000 (original cost of $476,000 less $260,000 in accumulated depreciation) and its fair value was $240,000. The company paid $64,000 to complete the exchange which has commerclal 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. Journal entry worksheet Note: Enter debsts before oredits

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