31) A company exchanged old equipment and \$17,500 cash for similar equipment. The book value and the fair value of the old equipment were $80,700 and $90,300, respectively. Assuming that the exchange has commercial substance, the company would record a gain(loss) of: A) $27,100. B) $0. C) $9,600. D) $(9,600). 32) A company purchased new equipment for $60,000. The company paid cash for the equipment. Other costs associated with the equipment were: transportation costs, $1,000; sales tax paid $3,000; and installation cost, 52,500 . The cost recorded for the equipment was: A) 566,500 . B) $64,000. C) $61,000. D) 560,000 . 33) Fulbright Corporation uses the periodic inventory system. During its first year of operations, Fulbright made the following purchases (listed in chronological order of acquisition): - 42 units at 5108 per unit - 73 units at 581 per unit - 172 units at 567 per unit Sales for the year totaled 269 units, leaving 18 units on hand at the end of the year. Ending inventory using the FIFO method is: A) 51,944 . B) 51,378 . C) 11,206 . D) $1,256