Switiy Co. had a sheet metal cutter thateost $107,000 on Jaruary 5,2021. This old cutter had an estimatnd lite of ten years and o salvage value of $15,000. On April 3, 2026, the old cutter is exchanged for a new cutter witha fair value of $60,000. The evchange tacked commerciai substance. Swifty also received $15.000 cash. Assume that the last fiscal period ended on December 31.2025 , and that straight-line depreciation is used. (a) Calculate the gainior loss to be recognized by Swifty Co