Required information Complete this question by entering your answers in the tabs below.

Required $2$

Assume the fair value of the farmland given is $$456,000$ instead of $$840,000.$ What is the amount of gain or loss that Kapono

would recognize on the exchange? What is the initial value of the new land? Complete this question by entering your answers in the tabs below.

Required $2$

Required $3$

Assume the same facts as Requirement $1$ and that the exchange lacked commercial substance. What is the amount of gain or

loss that Kapono would recognize on the exchange? What is the initial value of the new land? Complete this question by entering your answers in the tabs below.

Required $2$

Assume the same facts as Requirement $2$ and that the exchange lacked commercial substance. Assume the fair value of the

farmland given is $$456,000$ instead of $$840,000.$ What is the amount of gain or loss that Kapono would recognize on the

exchange? What is the initial value of the new land?

$[$The following information applies to the questions displayed below.$]$

Case A$.$ Kapono Farms exchanged an old tractor for a newer model. The old tractor had a book value of $$19,000($original

cost of $$42,000$ less accumulated depreciation of $$23,000)$ and a fair value of $$10,400.$ Kapono paid $$34,000$ cash to

complete the exchange. The exchange has commercial substance.

Case B$.$ Kapono Farms exchanged $100$ acres of farmland for similar land. The farmland given had a book value of

$$570,000$ and a fair value of $$840,000.$ Kapono paid $$64,000$ cash to complete the exchange. The exchange has

commercial substance.

Required:

What is the amount of gain or loss that Kapono would recognize on the exchange? What is the initial value of the new land?

Assume the fair value of the farmland given is $$456,000$ instead of $$840,000.$ What is the amount of gain or loss that Kapono

would recognize on the exchange? What is the initial value of the new land?

Assume the same facts as Requirement $1$ and that the exchange lacked commercial substance. What is the amount of gain or

loss that Kapono would recognize on the exchange? What is the initial value of the new land?

Assume the same facts as Requirement $2$ and that the exchange lacked commercial substance. Assume the fair value of the

farmland given is $$456,000$ instead of $$840,000.$ What is the amount of gain or loss that Kapono would recognize on the

exchange? What is the initial value of the new land?

Complete this question by entering your answers in the tabs below.

What is the amount of gain or loss that Kapono would recognize on the exchange? What is the initial value of the new land?