Brief Exercise 7-18 (Algo) Account for the exchange of long-term assets (LO7-6) 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 $17,000 and $10,000 (original cost of $35,000 less accumulated depreciation of $25,000 ), respectively. To equalize market values of the exchanged assets, China Inn paid $8,000 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.) Journal entry worksheet Record the gain or loss for China Inn on the exchange of the equipment. Note: Enter debits before credits