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 $23,000 and $15,200 (original cost of $41,000 less accumulated depreciation of $25,800), respectively. To equalize market values of the exchanged assets, China Inn paid $7,700 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.)

\begin{tabular}{|l|r|r|r|r|} \hline No & Transaction & General Journal & Debit & \multicolumn{1}{|c|}{ Credit } \\ \hline 1 & 1 & Equipment (Delivery) & 30,700() \\ \hline & & Accumulated Depreciation ( & 25,800 & \\ \hline & & Cash ( & 7,700( \\ \hline \end{tabular}