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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

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 $14,000 and $9,000(original cost of $44,000 less accumulated depreciation of $35,000), respectively. To equalize market values of the exchanged assets, China Inn paid $7,000 in cash to Midwest Chicken.

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