Question 10 1 pts Pitchfork Corp. exchanged equipment used in its manufacturing operations for a similar piece of equipment used in the operations of Desert Company. The following information pertains to the exchange. The exchange lacks commercial substance. DESERT CO. PITCHFORK Corp. Equipment (costs) $56,000 $68,000 Accumulated Depreciation 24,000 20,000 Fair Value of Equipment 57,000 Cash given up 13,000 Determine the following: 1) Original Cost of the new Equipment that PITCHFORK should report on their balance sheet 2). The gain or loss PITCHFORK should recognize on their CY Income Statement. Original Cost of the new Equipment [Choose + The gain or loss PITCHFORK should recognize on their CY Income Statement. [Choose