Tamarisk Co. had a sheet metal cutter that cost $117,000 on January 5,2021 . This old cutter had an estimated life of ten years and a salvage value of $17,000. On April 3, 2026, the old cutter is exchanged for a new cutter with a falr value of $60,000. The exchange lacked commercial substance. Tamarisk also received \$15,000 cash. Assume that the last fiscal period ended on December 31, 2025 , and that straight-line depreciation is used. Prepare all entries that are necessary on April 3, 2026. (Credit account titles are outomatically indented when the omount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries. Record journal entries in the order presented in the problem.) Calculate the gain or loss to be recognized by Tamarisk Co. recognized $