Question 1 (2 points) Saved Ringler Corporation exchanges one plant asset for a similar plant asset and gives cash in the exchange. The exchange does not have commercial substance. If a gain on the disposal of the old asset is indicated, the gain will most likely Obe reported in the Other Revenues and Gains section of the income statement. O be deferred and effectively reduce the amount to be recorded as the cost of the new asset. O effectively increase the amount to be recorded as the cost of the new asset. Obe credited directly to the owner's capital account. O none of the above is correct. Page 1 of 50 Next Page