Swifty Co. had a sheet metal cutter that cost $105,000 on January 5, 2016. This old cutter had an estimated life of ten years and a salvage value of $20,000. On April 3, 2021, the old cutter is exchanged for a new cutter with a fair value of $60,000. The exchange lacked commercial substance. Swifty also received $15,000 cash. Assume that the last fiscal period ended on December 31, 2020, and that straight-line depreciation is used. (a) Calculate the gain or loss to be recognized by Swifty Co. recognized List of Accounts Save for Later Attempts: 0 of 1 used Submit AnswerIvanhoe Company sells TVs. The perpetual inventory was stated as $38,000 on the books at December 31, 2020. At the close of the year, a new approach for compiling inventory was used and apparently a satisfactory cut-off for preparation of financial statements was not made. Some events that occurred are as follows. 1. TVs shipped to a customer January 2, 2021, costing $4,900 were included in inventory at December 31, 2020. The sale was recorded in 2021. 2. TVs costing $15,000 received December 30, 2020, were recorded as received on January 2, 2021. 3. TVs received during 2020 costing $4,200 were recorded twice in the inventory account. 4. TVs shipped to a customer December 28, 2020, f.o.b. shipping point, which cost $9,700, were not received by the customer until January, 2021. The TVs were included in the ending inventory. 5. TVs on hand that cost $6,600 were never recorded on the books. Compute the correct inventory at December 31, 2020. Correct inventory $