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How much gain or loss did midwest chicken recognize

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Reference no: EM131796648

China Inn and Midwest Chicken exchanged assets. Midwest Chicken received equipment and gave a delivery truck. The fair value and book value of the delivery truck given were $28,600 and $31,400 (original cost of $35,400 less accumulated depreciation of $4,000), respectively. To equalize market values of the exchanged assets, Midwest Chicken received $8,600 in cash from China Inn.

1. At what amount did Midwest Chicken record the equipment?

2. How much gain or loss did Midwest Chicken recognize on the exchange?

Reference no: EM131796648

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