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Publix Corporation traded in a blue, used delivery vehicle with a book value of $60,000(cost...

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Accounting

Publix Corporation traded in a blue, used delivery vehicle with a book value of $60,000(cost $110,000
less accumulated depredation of $50,000) and a fair value of $100,000. It receives in exchange a green
delivery vehicle with a fair value of $90,000 plus cash of $10,000. This exchange lacks commercial
substance.
a. What is the total gain, if any, on this exchange?
b. What amount of gain, if any will be recorded on this exchange?
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