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.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.$)$