Business, 09.12.2019 22:31 missinghalloween13

Kapono farms exchanged an old tractor for a newer model. the old tractor had a book value of $17,500 (original cost of $39,000 less accumulated depreciation of $21,500) and a fair value of $10,100. kapono paid $31,000 cash to complete the exchange. the exchange has commercial substance.
required:
1.what is the amount of gain or loss that kapono would recognize on the exchange of the tractor?
2. what is the initial value of the new tractor?

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Kapono farms exchanged an old tractor for a newer model. the old tractor had a book value of $17,500...