Waterway Industries traded machinery with a book value of $935980 and a fair value of $883000. It received in exchange from Pharoah Company a machine with a fair value of $971300. Waterway also paid cash of $97130 in the exchange. Pharoah's machine has a book value of $935980. What amount of gain or loss should Waterway recognize on the exchange (assuming lack of commercial substance)? $52980 loss $5298 loss $97130 gain $-O