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ABC Corp exchanged equipment used in its manufacturing operations for a similar equipment and also paid $3,783 in cash as consideration for the exchange. The original cost of the equipment was $63,061, accumulated depreciation at the time of exchange was $39,405, and the fair value of equipment at the time of exchange was $31,523. Assuming the exchange was determined to have commercial substance, what was the gain or loss on disposal of the existing equipment in this exchange? O a. $7,867 O b. $8,064 O c. $8,457 O d. $8,654 O e. $8,260