Crane Co, had a sheet metal cutter that cost $100.000 on January 5, 2021. This old cutter had an estimated life of ten years and a salvage value of $15,000. On Aprit 3,2026, the old cutter is exchaneed for a new cutter with a fair value of $60,000. The exchange lached commercial substance. Crane also recelved \$15,000 cash. Assume that the last fiscal periodended on December \$1, 2025, and that straight-line depreciationisused. (a) Calculate the gain or loss to be recognized by Crane Co. recognized is Prepare all entries that are necessary on Apri13, 2026, (Credit occount titles are outomatically indented when the omount is entries before credit entries. Record fournal entries in the order presented in the probleme