13. Rocky Company trades equipment with a book value of $24,970 for new equipment with a list price of $103,850. $77,880 cash is paid and there is a $25,970 trade-in allowance. There is a well established market for the old equipment traded in. The fair market value of the old equipment is $23,970. What amount of gain or loss will be recorded by Rocky? a) $1,000 gain b) $0 gain or loss c) $25,970 d) $1,000 loss e) none of the above