XYZ Company entered into a sale-leaseback transaction with ABC Bank on January 1, 2017. On that date, XYZ Company sold ABC Bank its office building for $800,000 cash and immediately leased the building back. The operating lease is for the final 12 years of the building's estimated 50-year useful life. The building had a fair value of $800,000 and a book value of $650,000 on January 1, 2017. The original cost of the building was $1,000,000. The rental payments of $100,000 are due to ABC Bank each December 31. The lease has an implicit interest rate of 9%.

Determine the amount of gain on the sale XYZ Company should recognize on the transaction.