16 Allen Company exchanges equipment with Jackson Corp for a parcel of land. In addition, Jackson Corp also pays $3,000 cash to Allen Company for the exchange. The following information pertains to the asset given up by each company: Allen Jackson $85,000 $52,000 Original Cost Accumulated Depreciation $42,000 $0 Fair Value $51,000 $48,000 6 pts The exchange lacks commercial substance. A. What is the amount of gain or loss recognized by Allen Company? (A gain is positive, use a negative sign for a loss). Round to the nearest dollar. B. After the exchange, at what amount does Jackson Corp record its new equipment? Round to the nearest dollar