Question 10 of 12 View Policies Current Attempt in Progress 100 /10 1 Sheridan Co. had a sheet metal cutter that cost $106,000 on January 5, 2016. This old cutter had an estimated life of ten years and a salvage value of $19,000. On April 3, 2021, the old cutter is exchanged for a new cutter with a fair value of $60,000. The exchange lacked commercial substance. Sheridan also received $15,000 cash. Assume that the last fecal period ended on December 31,2020 and that straight line depreciation is used (a) Calculate the gain or loss to be recognized by Sheridan Co recognized $ Attempts. 0 of 1 used Sabit Anwer (b) The parts of this questions the completed in order This part will be available when you complete the part above