Bonita Co. had a sheet metal cutter that cost $102,000 on January 5, 2021. This old cutter had an estimated life of ten years and a salvage value of $15,000. On April 3, 2026, the old cutter is exchanged for a new cutter with a fair value of $60,000. The exchange lacked commercial substance. Bonita also received $15,000 cash. Assume that the last fiscal period ended on December 31, 2025, and that straight-line depreciation is used. (a) Your answer is partially correct. Calculate the gain or loss to be recognized by Bonita Co. Gain recognized $ 18675