Question 27 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 fiscal 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 $ SHOW LIST OF ACCOUNTS