On December $31,2024,$ Wildhorse Co$.$ is in financial difficulty and cannot pay a note due that day. It is a $$2900000$ note payable to Blossom, Inc. Blossom agrees to accept from Wildhorse equipment that has a fair value of $$1440000,$ an original cost of $$2400000,$ and accumulated depreciation of $$1160000.$ Wildhorse should recognize a gain or loss on the transfer of the equipment of

$$290000$ gain.

$$960000$ loss.

$$200000$ gain.

$$0.$