Chapter 7 Problems 11 Seved 3 points Book Pint Berences Brief Exercise 7-18 (Algo) Account for the exchange of long-term assets (LO7-6) 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 $16,000 and $10,600 (original cost of $33,000 less accumulated depreciation of $22,400), respectively. To equalize market values of the exchanged assets, China Inn paid $7,400 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.) View transactionist Journal entry worksheet Mc Hill Record the gain or loss for China Inn on the exchange of the equipment. Note: Enter debits before creats Transaction General Journal Obit Credit 1 Equipment (Delivery) Accumulated Depreciation Loupment (Delivery) Buildings Help Save & Exit Check my