Calaveras Tire exchanged equipment for two pickup trucks. The book value and fair value of the equipment were $40,000 (original cost of $95,000 less accumulated depreciation of $55,000) and $27,000, 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? Answer is complete and correct. Value of pickup $ 36,000 ucks How much gain or loss will the company recognize on the exchange? Answer is complete but not entirely correct. Loss on exchange $ 4,000