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 $29,800 and $32,000 (original cost of $36,200 less accumulated depreciation of $4,200), respectively. To equalize market values of the exchanged assets, Midwest Chicken received $8,800 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.) View transaction list Journal entry worksheet > 1 Record the gain or loss for Midwest Chicken on the exchange of the equipment. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit 40,000