Question1:Assuming the exchange has commercial substance in Case A, Grand Forks would record the cost of the new equipment and recognize a gain (loss) on this exchange at: a. $60,000 ;$0 gain (loss) respectively b. $75,000; $10,000 gain respectively c. $75,000; $10,000( loss) respectively d. $50,000; $0 gain (loss) respectively e. None of the above.