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 $28,000 and $29,500 (original cost of $35,000 less accumula depreciation of $5,500 ), respectively. To equalize market values of the exchanged assets, Midwest Chicken received $8,500 in cas 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.)