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FiveGenWoodShop Inc. exchanged equipment with an initial cost of $66,000 and accumulated depreciation of $30,000 for equipment with a fair value of $48,000 and $12,000

FiveGenWoodShop Inc. exchanged equipment with an initial cost of $66,000 and accumulated depreciation of $30,000 for equipment with a fair value of $48,000 and $12,000 cash. The exchange lacked commercial substance. How much gain/loss should be recognized from this transaction by FiveGenWoodShop?

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