Account for exchange of property, plant, and equipment\ \ \ \ \ Blocks Products exchanged equipment with a fair value of $65,000 plus a cash payment of $10,000 for equipment with a fair value of $75,000 owned by Bristol in 2020. Blocks anticipated an increase in cash flow as a result of the exchange. Blocks equipment originally cost $200,000. It had been depreciated down to its expected residual value of $35,000. Bristols equipment had a net book value of $90,000 (original cost of $250,000.) How much of a gain or loss did Blocks report in its income statement for 2020? \ \ Select one:\ a. $30,000 gain\ b. $3,529 gain\ c. $25,000 gain\ d. $0