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part1 China Inn and Midwest Chicken exchanged assets. China Inn received a delivery truck and gave equipment.

part1
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 $17,000 and $10,000 (original cost of $35,000 less accumulated depreciation of $25,000), respectively. To equalize market values of the exchanged assets, China Inn paid $8,000 in cash to Midwest Chicken.
1.At what amount did China Inn record the delivery truck?
2.How much gain or loss did China Inn recognize on the exchange?

part 2
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 $25,000 and $28,000 (original cost of $33,000 less accumulated depreciation of $5,000), respectively. To equalize market values of the exchanged assets, Midwest Chicken received $8,000 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?

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