An automobile was acquired for $54,000 and has accumulated depreciation of $25,000. The business trades the automobile for a new automobile. The new automobile has a market value of $82,000 and the business pays $29,000 cash. Assume the exchange has commercial substance. The exchange results in a A. gain of $58,000 B. gain of $24,000 C. loss of $24,000 D. loss of $58,000