sheridan co. had a sheet metal cutter that cost $119,000 on january 2016. this old cutter has a estimated life of ten years and salvage value of $17,000 on April 3, the old cutter is exchanged for a new cutter with a fair value of $60,000.the exchange lacked commercial substance . sheridan also recived $15,000 cash . assume the last fiscal period ended in december 31 2020, and the straight line depreciation is used.