11c) Smith's Bus Lines exchanged four of Ford buses for four GM buses. The carrying value and fair value of each fleet of vehicles on the date of the exchange are as follows: Asset Cost Accumulated Depreciation Carrying Value Fair Value Ford Buses (Assets Given Up) $900,000 $310,000 $590,000 $620,000 GM Buses (Assets Received) $880,000 $260,000 $620,000 $595,500 Smith's received cash of $40,000 and the GM buses in exchange for the Ford buses. It is expected that the future cash flows of Smith's business will not change significantly as a result of this exchange. What amount of gain would be recognized as a result of this transaction?