Shefheld Corp. traded machinery with a book value of $777600 and a fair value of $720000. It received in exchange from Ivanhoe Company a machine with a fair value of $808000. She held also paid cash of $80800 in the exchange. Ivanhoe's machine has a book value of $777600. What amount of gain or loss should Sheffield recognize on the exchange (assuming lack of commercial substance)? $80800 gain $57600 loss $5760 loss $-0- Flannery Corporation owns machinery with a book value of $520,000. It is estimated that the machinery will generate future cash flows of $465,000. The machinery has a fair value of $415,000. Florence should recognize a loss on impairment of $0. $105,000 $55,000 $50,000