Question: NEWCOM UULUUNDUM Chapter 7 Assignment 001: Int. Tips for Searching for Fede https://www.harpercollege... work mode : This shows what is correct or incorrect for the

NEWCOM UULUUNDUM Chapter 7 Assignment 001: Int. Tips for Searching for Fede https://www.harpercollege... work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to question China Inn and Midwest Chicken exchanged assets. China Inn received a delivery truck and gave equipment. The fair value and book value of the equipment were $15,500 and $10,400 (original cost of $32,000 less accumulated depreciation of $21,600), respectively. To equalize market values of the exchanged assets, China Inn paid $7,300 in cash to Midwest Chicken. 1. At what amount did China Inn record the delivery truck? Delivery truck 2. How much gain or loss did China Inn recognize on the exchange? Answer is not complete. Gain on exchange MacBook Pro

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