Pensacola Inc. purchased equipment on January 1, 2016 for $135.000. After 3 years Pensacola exchanged the equipment for a truck from Miami, Inc. in a non-monetary exchange. The balance in the Accumulated Depreciation account at the time of the exchange was $75,000 Assume the exchange lacks commercial substance At the time of the exchange, the fair value of the equipment was $80,000 and the fair value of the truck rectived from Miami was $88,000 Miami paid $12,000 cash boot to Pensacola What is the gain or loss recognized/recorded by Pensacola? OSO $3,000 gain $17,000 gain $20,000 gain None of the above