China Inn and Midwest Chicken exchanged assets. Midwest Chicken received equipment and gave a delivery truck. The fair value and book value of the delivery truck given were $30,100 and $32,400 (original cost of $37,400 less accumulated depreciation of $5,000), respectively. To equalize market values of the exchanged assets, Midwest Chicken received $7,600 in cash from China Inn.

China Inn and Mldwest Chicken exchanged assets. Midwest Chicken received equipment and gave a delivery truck. The fair value and book value of the delivery truck given were $30'100 and $32,400 (original cost or $37,400 less accumulated depreciation of $5,000}. respectively. To equalize market values of the exchanged assets. Midwest Chicken received $1600 in cash from China Inn. 1. At what amount did Midwest Chicken record the equipment?| I _:| 2. HOW much gain or loss did Midwest Chicken recognize 0n the exchange? ::|