Donner Industries traded a used machine for a new model. The exchange has commercial substance. The used machine has a book value of $80,000 (original cost $120,000 less $40,000 accumulated depreciation) and a fair value of $60,000. In addition to trading off its used machine, Donner paid $70,000 in cash. 1. How much is the total gain or loss realized on this exchange? (indicate gain or loss) 2. How much of this gain or loss should be recognized? (indicate gain or loss) 3. Prepare the entry to record this exchange. mis