Below is the information relative to an exchange of assets by White Company. The exchange lacks commercial substance. Old Equipment Book Value Fair Value Cash Paid $500,000 $550,000 $100,000 Case I At what amount should the new equipment be recorded? Below is the information relative to an exchange of assets by White Company. The exchange has commercial substance. Old Equipment Book Value Fair Value Cash Paid $300,000 $250,000 $50,000 Case II What is the Gain or Loss on the Exchange