Fernando Company traded machinery with original cost of $300,000 and accumulated depreciation of $15,000. It received in exchange from Rooney Company a machine with a fair value of $300,000. Fernando also paid cash of $30,000 in the exchange. Rooneys machine has a book value of $285,000. What amount of gain or loss should Fernando recognize on the exchange?

30,000 gain

0

1,500 loss

15,000 loss