Nelson Enterprises exchanged a building it owned in Grand Junction for a building in Canon City owned by Lamb Corporation. The buildings were both valued at $ 575,000, so there was no cash transferred between the companies. Just prior to the exchange, Nelson’s accounts showed the cost of the original building as $ 425,000, with accumulated depreciation of $ 260,000. Lamb’s Canon City building was on its books with a cost of $ 750,000 and accumulated depreciation of $ 160,000. Determine the gain or loss that each company should recognize. What dollar amount should each company assign to the building it acquired? If the exchange lacked economic substance, how would it be recorded?