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What amount of gain or loss should Ryle recognize

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Question - Ryle Company traded machinery with a carrying value of $550,000 and a fair value of $480,000 in exchange for a similar machine from Missouri Corp. Ryle also paid cash of $20,000 in the exchange. Missouri Corp.'s machine has a carrying value of $525,000. What amount of gain or loss should Ryle recognize on the exchange, assuming lack of commercial substance?

a. $0 loss

b. $70,000 gain

c. $2,800 loss

d. $70,000 loss

Reference no: EM132432274

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