Current Attempt in Progress Waterway industries traded machinery with a book value of $788400 and a fair value of $730000. it received in exchange from Carla Vista Co. a machine with a fair value of $828000. Waterway also paid cash of $98000 in the exchange. Carla Vista's machine has a book value of $788400. What amount of gain or loss should Waterway recognize on the exchange (assume the transaction lacks cornmercial substance)? $58400 loss $5840 loss $98000 gain 50