(Solved): please help! thank you China Inn and Midwest Chicken exchanged assets. Midwest Chicken received res ...

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 \( \$ 22,200 \) and \( \$ 26,100 \) (original cost of \( \$ 30,800 \) less accumulated depreciation of \( \$ 4,700 \) ), respectively. To equalize market values of the exchanged assets, Midwest Chicken received \( \$ 7,200 \) 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.) Journal entry worksheet Record the gain or loss for Midwest Chicken on the exchange of the equipment. Note: Enter debits before credits. 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 \( \$ 22,200 \) and \( \$ 26,100 \) (original cost of \( \$ 30,800 \) less accumulated depreciation of \( \$ 4,700 \) ), respectively. To equalize market values of the exchanged assets, Midwest Chicken received \( \$ 7,200 \) 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.) Journal entry worksheet Record the gain or loss for Midwest Chicken on the exchange of the equipment. Note: Enter debits before credits.