On October 6, 2017, Western Farms Co. traded in an old tractor for a new one, receiving a $56,000 trade-in allowance and paying the remaining $164,000 in cash. The old tractor cost $190,000, and straight-line depreciation of $105,000 had been recorded as of October 6, 2017. Assume the fair value of the new tractor was equal to the trade-in allowance of the old tractor plus the cash paid.

Required
a. What was the book value of the old tractor?
b. What is the gain or loss on the exchange?
c. What amount should be debited to the new Tractor account?
d. Record the exchange.