Please explain

Pizza corporation factory was destroyed by a hurricane. The fair market value of the factory at the time of the hurricane was $500,000 and its adjusted basis was $750,000. Pizza received insurance proceeds of $620,000, which it used to immediately buy a new factory. What gain or loss will pizza recognize related to the factory in the current year?

		$120,000 gain
		$250,000 loss
		No gain or loss
		$130,000 loss