8. 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