Concord Corporation traded machinery with a book value of $1080000 and a fair value of $1800000. It received in exchange from Pharoah Company a machine with a fair value of $1620000 and cash of $180000. Pharoahs machine has a book value of $1765800. What amount of gain should Concord recognize on the exchange (assuming lack of commercial substance)?

a. $720000

b. $ -0-

c. $72000

d. $180000