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

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Accounting

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 $14,500 and $10,000(original cost of $30,000 less accumulated depreciation of $20,000), respectively. To equalize market values of the exchanged assets, China Inn paid $7,100 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.)
Answer is not complete.
\table[[No,Transaction,General Journal,Debit,Credit],[1,1,Delivery Expense,x,,14,500
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