comcord co. had a sheet metal cutter that cost 108,000 on january 5,2016. this old cutter had an estimated life of ten years and salvage value of &18,000. On April3,2021, the old cutter is exchanged for nee cutter with a fair balue of $60,000. the exchange lacked commercial substance . concord received $15,000 cash. assume that the last fiscal period ended on december 31,2029, and that straight line depreciatiin is used. 1) calculaye rhe gaun or loss to be recognized by Concord Co. 2) prepare all entries that are necfessary on April 3,2021