Higaara Industries trades in a large ship used for mineral extraction with a book value of $$645,000($cost of $$1,000,000)$ and a fair value of $$450,000$ for a new ship with a fair value of $$700,000$ plus $$100,000$ cash.

Blank $1$: Assuming this transaction lacks commercial substance, what amount of gain should be recognized? $($Round to nearest dollar$)$

Blank $2$: BONUS: What entry would Higaara Industries make for this exchange? $($Round to nearest dollar$)(3$ points$)($Use the $\text{'}$D $-$ Account, Amount; C $-$ Account, amount format. Example: D $-$ Cash, $1,000$; C$-$C$/$S$,1,000)$