In January 2020, Julio exchanged an old truck used in his construction company, which cost $54,000 and had accumulated depreciation of $18,000, for a new truck having a fair market value of $80,000. In connection with the exchange, Julio paid $35,000 in cash. What is the recognized gain (loss) for Julio in the exchange?

a.($9,000)

b.$0

c.$9,000

d.$35,000

e.$26,000