For each of the following independent situations, enter the requested amounts in the associated cells. Record costs and gains as positive values and losses as negative values using a leading minus (-) sign. Enter amounts in the format xx,xxx or -xx,xxx.

Situation 1:

On December 31, Year 1, AS Co. exchanged a used machine for a new machine from LB, Inc. The used machine had a book value of $100,000 ($120,000 cost $20,000 accumulated depreciation) and a fair value of $90,000. The new machine had a list price of $150,000, and LB gave AS a trade-in allowance of $105,000, with the difference paid in cash. The exchange has commercial substance.

Question	Amount
How much should AS record as the cost of the new machine in Year 1?	$
How much should AS record as a gain (loss), if any, in Year 1?	$

Situation 2:

On December 1, Year 1, RF, Inc., exchanged a used truck for a new truck from VA Co. The used truck had a book value of $57,500 ($75,000 cost $17,500 accumulated depreciation) and a fair value of $60,000. In addition to the exchange of the used truck, RF paid VA $8,000. The exchange has commercial substance.

Question	Amount
How much should RF record as the cost of the new truck in Year 1?	$
How much should RF record as a gain (loss), if any, in Year 1?	$

Situation 3:

On July 1, Year 1, KLK Co. exchanged a used crane for a new crane with ZS Corp. The used crane had a book value of $120,000 ($225,000 cost $105,000 accumulated depreciation) and a fair value of $125,000. The fair value of the new crane is $110,000. In addition to the exchange of the used crane, ZS paid KLK $15,000. The exchange lacks commercial substance.

Question	Amount
How much should KLK record as a gain (loss), if any, in Year 1?	$
How much should KLK record as the cost of the new crane in Year 1?