A printing press price at a fair market value of $564,300 is acquired in a transaction that has commercial substance by trading in a similar price and paying cash for the difference between the trade-in allowance in the price of the new press.

a. assuming that the trade in allowance is $248,300 what is the amount of cash given

b. assuming that the book value of the press trade it in is $223,500 what is the gain or loss on the exchange?