Calaveras Tire exchanged equipment for two pickup trucks. The book value and fair value of the equipment given up were $40,000 (original cost of $95,000 less accumulated depreciation of $55,000) and $54,000, respectively. Assume Calaveras paid $9,000 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?