Eagle Corp. exchanged an old machine with a cost of $$90,000,$ total accumulated depreciation of $$50,000,$ and a fair market value of $$42,000$ for a similar new machine. In addition to the trade in of the old machine Eagle Corp. also paid $$15,000$ cash. What amount of gain$/$loss should the company record for the old asset that was exchanged?

$$ $$7,000$ loss

$$2,000$ loss

$$7,000$ gain

$$2,000$ gain

None of the above.