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A truck costs $105,000 when and has accumulated depreciation of $95,000. Suppose Towing exchanges the truck for a new truck. The new truck has a

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A truck costs $105,000 when and has accumulated depreciation of $95,000. Suppose Towing exchanges the truck for a new truck. The new truck has a market value of $68,000, and pays cash of $44,000. Assume the exchange has commercial substance. What is the result of this exchange? A. No gain or less B. Gain of $14,000 C. Gain of $68,000 D. Loss of $14,000

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