On December 31, 2020, Free company exchanges machines A and B for a new machine C. Free company also receives $5,000 in cash. The transaction is deemed to lack commercial substance. Information on the machines is as follows:

• Machine A was acquired on January 1, 2017, at a cost of $60,000. The machine has an estimated 10-year useful life and scrap value of $10,000. This machine is depreciated using straight-line depreciation.
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• Machine B was acquired on January 1, 2019, at a cost of $70,000. The machine has an estimated five-year useful life and scrap value of $5,000. This machine is being depreciated using the double-declining method. Please use 
• DOUBLE DECLINING METHOD NOT STRAIGHT LINE.
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• Machine C has a fair value of $63,400 at December 31, 2020.

Based on the following facts, what gain or loss should be recognized using US GAAP and IFRS?