Sandhill Manufacturing has equipment that cost $$656000$ and has accumulated depreciation of $$309000.$ When the equipment has a fair value of $$600000,$ it is exchanged for equipment with a fair value of $$480000$ and $$120000$ cash is received. The exchange lacks commercial substance.

The gain to be recognized from the exchange is

a$.$ $$209000$

b$.$ $$171000$

c$.$ $$50600$

d$.$ $$38000$