Rocky Company trades equipment with a book value of $24,970 for new equipment with a list price of $103,850,$77,880 cash is poid and there is a $25,970 trade-in allowance. There is a well established market for the old equipment traded in. The fair market value of the old equipment is $23,970. What amount of gain or loss will be recorded by Rocky? Multiple choice $1,000 gain None of the other alternatives are correct $25,970 $1,0001055 $0 gain or loss