Required Information The following informabon apples 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 $14,500 (origlna! cost of $33,000 less accumulated depreciation of $18,500 ) and a fair value of $9,500. Kapono paid $25,000 cash to complete the exchange. The exchange has commerclal substance. Case 8. Kapono Farms exchanged 100 acres of farmland for simliar land. The farmland glven had a book value of $525,000 and a falr value of $750,000, Kapono paid $55,000 cash to complete the exchange. The exchange has commercial substance. Required: 1. What is the amount of gain or loss that Kapono would recognize on the exchange? What is the iktial value of the new iand? 2. Assume the fair value of the farmland glven is $420,000 instead of $750,000. What is the amount of gain or loss that Kapono would recognize on the exchange? What is the initial value of the new land? 3. Assume the same facts as Requirement 1 and that the exchange lacked commerclal substance. What is the amount of gain or loss that Kopono would recognize on the exchange? What is the initial value of the new land? 4. Assume the same facts as Requirement 2 and that the exchange lacked commercial substance. Assume the fair value of the farmiand given is $420,000 instead of $750,000. What is the amount of gain or loss that Kapono would recognize on the exchange? What is the initial value of the new land? farmland glven is $420,000 instead of $750,000. What is the amount of gain or loss that Kapono would recognize on the exchange? What is the initial value of the new land? Answer is not complete. 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? Answer is not complete. Complete this questlon by entering your answers in the tabs below. Assume the same facts as Requirement 2 and that the exchange lacked commercial substance. Assume the fair value of the farmiend given is $420,000 instead of $750,000. What is the amount of gain or loss that Kepono would recognize on the exchange? What is the initial value of the new land