Below is information relative to an exchange of similar assets by Grand Forks Corp. Assume the exchange has commercial substance.

	Old Equipment								Cash
	Book Value				Fair Value				Paid
Case A	$	50,900			$	59,300			$	14,800
Case B	$	39,600			$	34,000			$	8,800

In Case B, Grand Forks would record a gain/(loss) on exchange of assets in the amount of:

Multiple Choice

• $(5,600).

• $3,200.

• $5,600.

• $(3,200).