Alamos Co. exchanged equipment and $18,500 cash for similar equipment. The book value and the fair value of the old equipment were $80,200 and $91,000, respectively. Assuming that the exchange lacks commercial substance, Alamos would record a gain/(loss) on exchange of assets in the amount of:

Tri fecta, a partnership, had revenues of $369,000 in its first year of operations. the partnership has not collected on $45,000 of its sales and still owes $39,500 on $155,000 of merchandise it purchased. there was no inventory on hand at the end of the year. the partnership paid $27,000 in salaries. the partners invested $48,000 in the business and $23,000 was borrowed on a five-year note. the partnership paid $2,070 in interest that was the amount owed for the year and paid $9,500 for a two-year insurance policy on the first day of business. compute net income for the first year for tri fecta.