Below is the information relative to an exchange of assets by Sheridan Company. The exchange lacks commercial substance. Old Equipment Book Value Fair Value Cash Paid Case I $457000 $504000 $86500 Case II $296000 $265000 $36900 Which of the following would be correct for Sheridan to record in Case I? Record Equipment at: Record a gain (loss) of: Select answer from the options below $457000 $(31000) $543500 $47000 $590500 $47000 $543500 $0