Calaveras Tire exchanged machinery for two pickup trucks. The book value and fair value of the machinery 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.

At what amount will Calaveras value the pickup trucks? Assume the exchange has commercial substance. How much gain or loss will the company recognize on the exchange?