Brief Exercise 10-16 (Algo) Nonmonetary exchange [LO10-6] Calaveras Tire exchanged equlpment for two plckup trucks. The book value and falr value of the equipment given up were 528000 (original cost of $7000 hest accumulated depreciation of $49,000 and $36,000, respectively. Asstane Calaveras paid $7,000 in cash and the exchiange backs conamercial substance (1) At what amount will Caliveras valae the pickup trucks? (2) How much gain or loss wit the company recognize on the exchange? Brief Exercise 10-16 (Algo) Nonmonetary exchange [LO10-6] Calaveras Tire exchanged equlpment for two plckup trucks. The book value and falr value of the equipment given up were 528000 (original cost of $7000 hest accumulated depreciation of $49,000 and $36,000, respectively. Asstane Calaveras paid $7,000 in cash and the exchiange backs conamercial substance (1) At what amount will Caliveras valae the pickup trucks? (2) How much gain or loss wit the company recognize on the exchange