Required information (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 $13,000 (original cost of $30,000 less accumulated depreciation of $17,000) and a fair value of $9,200. Kapono paid $22,000 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 $510,000 and a fair value of $720,000. Kapono paid $52,000 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 of the tractor? 2. Assume the fair value of the old tractor is $16,000 instead of $9,200. What is the amount of gain or loss that Kapono would recognize on the exchange? What is the initial value of the new tractor