A truck costs $$109,000$ when new and has accumulated depreciation of $$100,000.$ Suppose Walker Towing

exchanges the truck for a new truck. The new truck has a fair value of $$62,000,$ and Walker Towing pays cash

of $$44,000.$ Assume the exchange has commercial substance. What is the result of this exchange?

A$.$ No gain or loss

B$.$ Gain of $$9,000$

C$.$ Gain of $$53,000$

D$.$ Loss of $$9,000$