On October 6, 2021, Western Farms Co. traded in an old tractor for a new one, receiving a $XXX trade-in allowance and paying the remaining $XXX in cash. The old tractor cost $XXX, and straight-line depreciation of $XXX had been recorded as of October 6, 2021. Assume the fair value of the new tractor was equal to the trade-in allowance of the old tractor plus the cash paid. $90,000 $120,000 $150,000 Trade-in allowance Cash payment Old tractor cost Accumulated depreciation - old tractor Date of trade-in Useful life Company's year end 2021-10-06 5 2021-12-31 $1,000,000 a. What is the carrying amount of the old tractor? . What amount should be debited to the new Tractor account? c. What is the gain or loss on the exchange? (show the amount as positive regardless of whether it is a gain or loss) Gain J. Record the exchange. Gain Loss Date Account Titles Debit Credit