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 $21,600 and $25,800 (original cost of $30,400 less accumulated depreciation of $4,600), respectively. To equalize market values of the exchanged assets, Midwest Chicken received $7,100 in cash from China Inn. 1. At what amount did Midwest Chicken record the equipment? Equipment 2. How much gain or loss did Midwest Chicken recognize on the exchange