A delivery van that has a list price of $$45,000$ is paid with a trade$-$in allowance of $$10,000$ on an old van and cash of $$35,000.$ The old van has a cost of $$35,000$ with accumulated depreciation of $$32,000.$ The fair value of the old van is $$5,000.$ How much gain or loss will be recognized on this exchange?

Multiple choice question.

$$7,000$ gain

$$5,000$ gain

$$2,000$ gain

$$3,000$ gain