A machine cost $1416000, has annual depreciation of $236000, and has accumulated depreciation of $1121000 on December 31, 2020. On April 1, 2021, when the machine has a fair value of $324500, it is exchanged for a machine with a fair value of $1593000 and the proper amount of cash is paid. The exchange had commercial substance. The gain to be recorded on the exchange is $88500 $59000 $177000 $0