Calaveras Tire exchanged equipment for two pickup trucks. The book value and fair value of the equipment given up were $$37,000($original cost of $$90,500$ less accumulated depreciation of $$53,500)$ and $$49,500,$ respectively. Assume Calaveras paid $$7,500$ in cash and the exchange lacks commercial substance.

$(1)$ At what amount will Calaveras value the pickup trucks?

$(2)$ How much gain or loss will the company recognize on the exchange?