Fenner Co. purchased a lathe machine for $72,000 on January 5, 2013. This (old) lathe had an estimated life of ten years and salvage value of $12,000. On April 3, 2020, the old lathe was exchanged for a similar lathe (in an exchange with no commercial substance) with a list price of $45,000. Fenner also paid $9,000 cash. The old lathe had a fair market value of $34,000 on April 3, 2020. Assume that the last fiscal period ended on December 31, 2019, and that straight-line depreciation is used on the basis of nearest full month. Compute the book/carrying value of the old lathe on April 3, 2020. Compute the gain (loss) on disposal booked by Fenner Co. on April 3, 2020. Prepare the journal entry made by Fenner Co. on April 3, 2020, to record the exchange of assets. Now assume that the fair market value of the old lathe on April 3, 2020, is $26,000 instead. Compute the gain (loss) on disposal booked by Fenner Co. on April 3, 2020.