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Please show work and explain! Thanks! China Inn and Midwest Chicken exchanged assets. China...

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Please show work and explain! Thanks!

China Inn and Midwest Chicken exchanged assets. China Inn received delivery equipment and gave restaurant equipment. The fair value and book value of the restaurant equipment were $19,000 and $10,800 (original cost of $39,000 less accumulated depreciation of $28,200 ), respectively. To equalize market values of the exchanged assets, China Inn paid $8,400 in cash to Midwest Chicken. Record the gain or loss for China Inn 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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