Question 3: Non-monetary exchange. Regers Co. had a sheet metal cutter that cost $96,000 on January 5, 2010. This old cutter had an estimated life of ten years and a salvage value ofST6,000 and Accumulated depreciation of $42,000 On January 1, 2015, the old cutter is exchanged for a new cutter with a fair value of $48,000. The exchange had commercial substance. Boxers also paid $12.000 cash. Assume that the last fiscal period ended on December 31. 2014, and that straight-line depreciation is used. Instructions (a) Show the calculations for the cost of this exchange and calculation of the amount of the gain or loss to be recognized by Rogers Co. New pauipcost> 12,00+48 ,0 00 = b,000 Gain/loss=(96,000-71000)-4B1000= boc 540o0 (b) Prepare all entries that are necessary on April 3, 2015. D=New pauie bo1000 D=acc, dep D 55 420rd boca 96,000 121009 C ld eaue Cash