14. Exchanged old store equipment and $80,000 cash for new store equipment (exchange with commercial substance) on Dec 31 2018. The old store equipment originally cost $96,000 and had a net book value of $64,000 on the date of exchange. The new store equipment had a fair market value of $126,000 on the date of exchange. Assume depreciation on the old equipment has already been recorded for the current year. The effect of this transaction would be: a. Gain of $62,000; b. Loss of $50,000 c. Gain of $18,000 d. Loss of $18,000 e. Loss or gain depends on Accumulated Depreciation