Marley Inc. exchanged a piece of equipment with a book value of $24,000 and a fair value of $40,000 for another piece of equipment.In addition to the new piece of equipment Marley also received an additional $10,000 in cash.The fair value of the truck received was $30,000.The exchange was considered to have commercial substance.

A) At what amount should Marley record the piece of equipment received in the exchange?

B) How much gain should Marley record on the exchange?