Question: A machine was initially purchased for $ 1 3 7 , 0 0 0 and has Accumulated Depreciation of $ 9 9 , 0 0

A machine was initially purchased for $137,000 and has Accumulated Depreciation of $99,000. The business exchanges the machine for a new one. The new machine has a fair value of $119,000, and the business pays $129,000 cash. Assume the exchange has commercial substance. This exchange results in a________

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