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 $25,600 and $28,300 (original cost of $33,400 less accumulated depreciation of $5,100), respectively. To equalize market values of the exchanged assets, Midwest Chicken received $8,100 in cash from China Inn.

1. At what amount did Midwest Chicken record the equipment?

2. How much gain or loss did Midwest Chicken recognize on the exchange?