answer please

chio 3 of Dware Com Question 3: Non-monetary exchange. Rogers Co. had a sheet metal culter that cost $96.000 on January 5, 2010. This old cutter had an estimated life of ten years and a salvage value o ST6,000 and Accumulated depreciation of $42,000 On January 1, 2015, the old cutter is exchanged for a new cutter with a fair value of $48,000. The exchange had commercial substance. Rogers also paid $12,000 cash. Assume that the last fiscal period ended on December 31, 2014, and that straight-line depreciation is used. bod t Instructions (a) Show the calculations for the cost of this exchange and calculation of the amount of the gain or loss to be recognized by Rogers Co. New equip cose= 12,000 + 48,000 = 60,000 Gain/loss= ( 961000-471000) = 48,000 = booth 5 47.00 ade (b) Prepare all entries that are necessary on April 3, 2015. D = new equip 601000) P = acc, dep thood D - loss cool c= old eau p 96,000 cs Cash 12,000