On October 6, 2020, Western Farms Co. traded in an old tractor for a new one, receiving a $79,000 trade-in allowance and paying the remaining $184,000 in cash. The old tractor cost $230,000, and straight-line depreciation of $125,000 had been recorded as of October 6, 2020. Assume the fair value of the new tractor was equal to the trade-in allowance of the old tractor plus the cash pald. Required: a. What was the book value of the old tractor? Book Value b. What is the gain or loss on the exchange