2. Transaction 1 has commercial substance. XYZ Company exchanges one asset for another asset and there is a $4,000 loss. Transaction 2 lacks commercial substance. XYZ Company exchanges one asset for another asset and there is a $5,000 gain. At the time of exchange, Transaction 1 should have a(an) ________ and Transaction 2 should have a(an) __________.

a. immediate recognized loss, immediately recognized gain b. immediately recognized loss, deferred gain c. deferred loss, immediately recognized gain d. deferred loss, deferred gain