Gilly Construction trades in an old tractor for a new tractor, receiving a $20.500 trade-in allowance and paying the remaining $61.500 in cash. The old tractor had cost $107000, assumption that it would last eight years and have a $14,000 salvage value Answer the following questions assuming the exchang has commercial substance. and straight-line accumulated depreciation of $58125 had been recorded to date under the 1. What is the book value of the old tractor at the time of exchange? 2. What is the loss on this asset exchange? 3. What amount should be recorded (debited) in the asset account for the new tractor