Calaveras Tire exchanged equipment for two pickup trucks. The book value and fair value of the equipment were $22,000 (original cost of $68,000 less accumulated depreciation of $46,000) and $18,000, respectively. To equalize fair values, Calaveras paid $9,000 in cash. Assume the exchange has commercial substance.

At what amount will Calaveras value the pickup trucks?

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