Required information [The following information applies to the questions displayed befow] Case A. Kapono Farms exchanged an old tractor for a newer model. The old tractor had a book value of $17.500 (oniginal cost of $39,000 less accumulated depreclation of $21,500 ) and a fair value of $10,100. Kapono paid $31,000 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 $555.000 and a fair value of $810,000. Kapono paid $61,000 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 inital value of the new land? 2. Assume the fair value of the farmiand grven is $444,000 instead of $810,000. 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 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? 4. Assume the same facts as Requirement 2 and that the exchange lacked commercial substance Assume the fair value of the farmland given is $444.000 instead of $810,000. What is the amount of gain or loss that Kapono would recoghize on the exchange? What is the initial value of the new land? 1. What is the amount of gain or loss that Kapono would recognize on the exchange? What is the initial value of the new land? 2. Assume the fair value of the farmland given is $444.000 instead of $810.000. 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 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? 4. Assume the same facts as Requirement 2 and that the exchange lacked commercial substance. Assume the fair value of the farmland given is $444,000 instead of $810,000. 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 naw land? Complete this question by entering your answers in the tabs below. issume the fair value of the farmland given is $444,000 instead of $810,000. What is the amount of gain or loss that Kapono vould recognize on the exchange? What is the initial value of the new land? farmland given is $444,000 instead of $810,000. What is the a lacked commercial substance. Assume the fair value of the What is the initial value of the new land? Complete this question by entering your answers in the tabs below. 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? 3. Assume on the exchange? What is the initial value of the new land? that Kapono wou facts as Requirement 1 and that the exchange lacked commercial substance. What is the amount of gain o 4. Assume the same recognize on the exchange? What is the initial value of the new land? farmland give same facts as Requirement 2 and that the exchange lacked commercial substance Assume the fair value of the What is the initial value of the new land? Complete this question 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 farmland given is $444,000 instead of $810,000. What is the amount of 9 ain or loss that Kapono would recognize on the exchange? What is the initial value of the new land