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A machine cost $1344000, has annual depreciation of $224000, and has accumulated depreciation of $1064000 on December 31, 2020. On April 1, 2021, when the

A machine cost $1344000, has annual depreciation of $224000, and has accumulated depreciation of $1064000 on December 31, 2020. On April 1, 2021, when the machine has a fair value of $308000, it is exchanged for a machine with a fair value of $1512000 and the proper amount of cash is paid. The exchange had commercial substance.

The gain to be recorded on the exchange is

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