Case A. Kapono Farms exchanged an old tractor for a newer model. The old tractor had a book value of $20,000 (original cost of $44000 less accumulated depreciation of $24000) and afair vaiue of $10,60o. Kapone paic $36000 cash to complete the exchange. The exchange has commercial substance. 1. What is the amount of gain or loss that Kapono would recognize on the exchange? What is the Inital velue of the new 2. Assume the fair value of the old tractor is $30.000 instead of $10.600. What is the amount of gain or loss recognize on the exchange? What is the initial value of the new tractor? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Assume the fair value of the old tractor is $30,000 instead of $10,600. What is the amount of gain or loss that Kapono would recognize on the exchange? What is the initial value of the new tractor? Gain on exchange Initial value of new tractor KRequired 1 F Karene Ferms exchanged 1oo acres of farmiand for simlar land. The farmend given had e book value of $580,000 and a feir