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China Inn and Midwest Chicken exchanged assets. Midwest Chicken received restaurant equipment and gave divery...

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Accounting

China Inn and Midwest Chicken exchanged assets. Midwest Chicken received restaurant equipment and gave divery equipment. The fair value and book value of the delivery equipment given were $21,600 and $25,800(original cost of $30,400 less accumulated depreciation of $4,600), respectively. To equalize market values of the exchanged assets, Midwest Chicken received $7,100 in cash from China Inn.
Record the gain or loss for Midwest Chicken on the exchange of the equipment. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
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