Below is the information relative to an exchange of assets by Bonita Industries. The exchange lacks commercial substance. Old Equipment Book Value Fair Value $454000 $505000 $295500 $264000 Case 1 Case II Cash Paid $83500 $38600 Which of the following would be correct for Bonita to record in Case I? Record Equipment at: Record again.(loss) of: $588500 $51000 $537500 $51000 $537500 $0 $454000 $(31500)