Brief Exercise $7-18($Algo$)$ Account for the exchange of long$-$term assets $($LO$7-6)$

China Inn and Midwest Chicken exchanged assets. China Inn received delivery equipment and gave restaurant equipment. The fair value and book value of the restaurant equipment were $$17,500$ and $$10,200($original cost of $$36,000$ less accumulated depreciation of $$25,800),$ respectively. To equalize market values of the exchanged assets, China Inn paid $$8,100$ in cash to Midwest Chicken.

Record the gain or loss for China Inn 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.$)$

Answer is complete but not entirely correct.

$\backslash$table$[[$No$,$Transaction,General Journal,,Debit,Credit$],[1,1,$Equipment $($Delivery$),\backslash$gamma $,9,400,],[,$Accumulated Depreciation,$(,25,800,],[,$Cash,$(,,8,100],[,$Gain,$(,,7,300],[,$Equipment $($Restaurant$),0,,36,000]]$