Potter Corporation recently traded an older model of equipment for a newer model of equipment. The old model had an original cost of $400,000 and accumulated depreciation of $220,000. The old equipment also had a fair value of $200,000. Potter Corporation also paid $60,000. The transaction had commercial substance. Did Potter Corporation have a gain or loss on the exchange? (answer gain or loss) A. What is the amount of the gain or loss on the exchange (do not use dollar signs, commas or decimal points in your answer) A What will be the amount recorded by Potter for the new equipment? (do not use $ signs, commas, or decimals in your answer) A Assume the same facts except that the transaction does not have commercial substance. What would the amount recorded for the new equipment by Potter? (do not use $ signs, decimals or commas in your answer)