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