Layne Co. has a machine that cost $850,000 on March 20, 2014. This old machine had an estimated life of ten years and a salvage value of $50,000. On December 23, 2018, the old machine is exchanged for a new machine with a fair value of $540,000. The exchange lacked commercial substance. Layne also received $60,000 cash. Assume that the last fiscal period ended on December 31, 2017, and that straight-line depreciation is used.

Show the calculation of the amount of gain or loss to be recognized by Layne Co. from the exchange. (Round answer to 0 decimal places, e.g. 1,215.)