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Ahmed Company and Lana Company have an exchange with commercial substance. The asset given up by Ahmed has a book value of $$120,000$ and a fair value of $$135,000.$ Ahmed Co$.$ also paid $$65,000$ to Lana Co$.1-$ Compute the cost of the new asset received by Ahmed Co$.$ and $2-$compute the gain or loss recognized by Ahmed Co$.$

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gross profit is $$320,000,$ selling and administrative expenses $$180,000,$ interest expense $$16,000,$ gain from sale of equipment is $$12,000$ and unrealized holding gain on non$-$trading securities $$6,000.$ if tax rate is $30\%.$ Compute the income before income tax.

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