Rainey Company purchased a computer that cost $45,000 on June 31, Year 1. This computer had an estimated useful life of four years and a salvage value of $1,000. Rainey Company determines depreciation expense based upon the sum-of-years' digits method (round all numbers to the nearest whole number and all percentages to the nearest 2 decimal places). On December 31, Year 2, the old computer is exchanged for a similar computer with a fair market value of $22,000. Assume this transaction lacks commercial substance. Determine the recognized gain/loss on the trade (if any) assuming each of the following independent scenarios: a. Rainey Company paid $5,000 on the exchange b. Rainey Company paid $500 on the exchange c. Rainey Company received $3,000 on the exchange