Jerry Corp. exchanged equipment used in its manufacturing operations plus some cash for similar equipment used in the operations of Elaine Enterprises in a transaction that lacked commercial substance. The equipment that Jerry gave up had cost him $148,792, had accumulated depreciation of $100,966 and a fair value of $66.426. Jerry also paid $15,942 in the transaction. The equipment that Eliane gave up had cost her $148,792, had accumulated depreciation of $53,140 and a fair value of $82 368. Elaine recognizes O a. Gain of 13 284 ob Loss of 13,284 O c. Zero gain Defers gain of 13 284 Od Zero loss Defers loss of 13 284