Byers Manufacturing has equipment that cost $660,000 and has accumulated depreciation of $300,000. When the equipment has a fair value of $600,000, it is exchanged for equipment with a fair value of $480,000, and $120,000 cash (boot) is received. The exchange has commercial substance. The gain to be recognized from the exchange is A) $60,000. B) $180,000. C) $48,000. D) $240,000