Question 10 of 12 View Policies Current Attempt in Progress /10 Sheridan Co. had a sheet metal cutter that cost $106,000 on January 5, 2016. The old cutter had an estimated he of ten years and a salvage value of $19,000. On April 3, 2021, the old outter is exchanged for a new cutter with a fair value of $60.000. The change facked commercial substance. Sheridan also received $15,000 cash Assume that th period ended on December 31, 2020 and that straight-line depreciation is used (a) Your answer has been saved. See score details after the che da Calculate the gain or loss to be recognized by Sheridan Co recognized (0) Attempts 1 of 5 sed 01