value and book value of the restaurant equipment were $14,000 and $9,000 (original cost of $44,000 less accumulated depreciatio of $35,000), respectively. To equalize market values of the exchanged assets, China Inn paid $7,000 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 transaction list Journal entry worksheet < 1 Record the gain or loss for China Inn on the exchange of the equipment. Note: Enter debits before credits. Transaction 1 Record entry General Journal Clear entry Debit Credit View general journal

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