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What amount of gain or loss should Sacajawea recognize

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Question - Sacajawea Company traded equipment with a carrying value of $720,000 and a fair value of $800,000. It received in exchange from Clark Company a machine with a fair value of $680,000 and $120,000 in cash. What amount of gain or loss should Sacajawea recognize on the exchange, assuming lack of commercial substance?

a. $12,000 gain

b. $80,000 gain

c. $0 gain

d. $80,000 loss

Reference no: EM132432281

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