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 $ and $original cost of $ less accumulated depreciation of $ respectively. To equalize market values of the exchanged assets, Midwest Chicken received $ 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 transactionevent select No Journal Entry Required" in the first account field.
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