MMP Inc. exchanged 500 common shares of Penguins Inc., which MMP Inc. was holding as an investment, for new equipment from Easter Sales. The Penguins Inc. common shares, which had been purchased by MMP Inc. for $100 per share, had a quoted market value of $116 per share at the date of exchange. The equipment had a recorded amount on Easters books of $55,000, but the fair value was not available.

Provide the journal entry that MMP Inc. should make to record this exchange.