Calaveras Tire exchanged equipment for two pickup trucks. The book value and fair value of the equipment were $38,000 (original cost of $92,000 less accumulated depreciation of $54,000) and $51,000, respectively. To equalize fair values, Calaveras paid $8,000 in cash. Assume the exchange lacks commercial substance.

At what amount will Calaveras value the pickup trucks?

Value of pickup trucks?

How much gain or loss will the company recognize on the exchange?