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On July 1st, 2018, GNS Cor purchased machinery for $220,000 with a residual value of $20,000 and useful life of 5 years. GNS Cor uses Sum-of-the-Years' digit for machinery depreciation. On December 31st 2019, GNS Cor exchanged its machinery plus $20,000 cash for a new set of machines from ASB Equip Supplier with a list price of $140,000. On the exchange date, the fair value of the old machinery is $120000. The exchange has commercial substance. As a result of this exchange, GNS Cor records Select one: O a. Gains of 20,000 O b. 120,000 O c. Loss of 6,667 O d. All incorrect O e. Gains of 6,667