Jay sold three items of business equipment for a total of $300,000. None of the equipment was appraised to determine its value. Jay's cost and adjusted basis for the assets are shown below.

Asset	Cost		Adjusted Basis
Skidder	$230,000			$40,000
Driller	120,000			60,000
Platform	620,000			0
Total	$970,000			$100,000

Jay has been unable to establish the fair market values of the three assets. All he can determine is that combined they were worth $300,000 to the buyer in this arm's length transaction.

c. If Jay allocates the $300,000 selling price to each asset based on its relative original cost, determine the gain or loss. In your computation, round any division to 6 decimal places. Then, round your final answer to the nearest whole dollar.

Asset	Allocated Sale Price		Adjusted Basis		Difference	Gain or Loss
Skidder	$		$40,000		$	1245 gain
Driller	$		$60,000		$	1231 loss
Platform	$		$0		$	1245 gain
Total	$300,000		$100,000		$