Smith Couriers, Inc. exchanges 3 delivery trucks valued at $80,000 and with a basis of $50,000 for 3 different delivery trucks with a fair market value of $60,000. Because the acquired trucks had a lower fair market value, Smith receives $10,000 in cash.

a. What is the gain or loss?

b. What is the deferred gain or loss?

c. What is the basis in the 3 acquired trucks?