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 $22,500 and $15,000 (original cost of $40,000 less accumulated depreciation of $25,000 ), respectively. To equalize market values of the exchanged assets, China Inn paid $7,600 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.)