Business, 18.07.2020 01:01 kenoknox

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 $21,500 and $11,800 (original cost of $44,000 less accumulated depreciation of $32,200), respectively. To equalize market values of the exchanged assets, China Inn paid $8,900 in cash to Midwest Chicken. 1. At what amount did Midwest Chicken record the equipment?
2. How much gain or loss did Midwest Chicken recognize on the exchange?

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China Inn and Midwest Chicken exchanged assets. China Inn received a delivery truck and gave equipme...