Lalaland Company purchased equipment, on 1/1/2012. The cost was $90,000, with 10 years useful life, and NO salvage value. On 1/1/2018, the company exchanged its old equipment for new equipment. Lalaland paid $36,000 cash in the trade. The old equipment that was traded had a fair value of $54,000. The transaction has commercial substance, and the company uses SLM method for depreciation.

Required: Calculate the gain the company recorded on this transaction?