Happy Sailing Company exchanged an old sailboat for a new one. The old sailboat had a cost of $160,000 and accumulated depreciation of $80,000. The fair market value of the old sailboat was $42,000. The company paid $200,000 in addition to the old sailboat to acquire the new sailboat. If this transaction has commercial substance, what is the loss that should be recorded on this exchange? (Note: in the answer space, write only the number, with no $ signs or commas. That is, if your answer is $1,000, white it as : 1000)