China Inn and Midwest Chicken exchanged assets. Midwest Chicken received restaurant equipment and gave delivery equipment. The fair value and book value of the delivery equipment given were $$23,400$ and $$26,700($original cost of $$31,600$ less accumulated depreciation of $$4,900),$ respectively. To equalize market values of the exchanged assets, Midwest Chicken received $$7,400$ in cash from China Inn.

Record the gain or loss for Midwest Chicken 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

$1$

Record the gain or loss for Midwest Chicken on the exchange of the equipment.

Note: Enter debits before credits.

$\backslash$table$[[$Transaction$,$General Journal,Debit,Credit$],[1,,,],[,,,],[,,,],[,,,],[,,,]]$