On June 1, 2019, Big Farm, Inc. exchanged an old tractor for a new tractor. The exchange lacked commercial substance. The facts below pertained to the exchange. What amount would Big Farm record the new tractor for at the date of the exchange and how much gain or loss would be recognized? Original cost of old tractor 100,000 Accumulated depreciation old tractor 48,000 Fair value of old tractor 55,000 Cash paid for new tractor 15,000 Fair value of new tractor 70,000 New tractor - $55,000, Loss of $15,000 New tractor - $70,000. Gain of $3,000 New tractor - $70,000, no gain or loss New tractor - $67,000, no gain or loss