Question 2 20 pts Red Co. purchased a truck that cost $80,000 on March 31, Year 1. The truck had an estimated useful life of eight years and a salvage value of $8,000. Red determines depreciation expense based upon the sum-of-years' digits method (round all numbers to the nearest whole number and all percentages to the nearest 2 decimal places). On December 31, Year 2, the old truck is exchanged for a similar truck with a fair market value of $64,000. Red received $6,000 on the exchange. Assume this transaction lacks commercial substance. Required 1. What is the amount of gain/loss on the trade (if any) that Red would recognize on its books on December 31, Year 2? 2. What is the cost of the new truck exchanged on the books of Red on December 31, Year 2? HTML Editora A A T. E E E ml