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Crane Company traded machinery with a book value of $704,000 and a fair value of...

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Accounting

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Crane Company traded machinery with a book value of $704,000 and a fair value of $680,000. It received in exchange from Blossom Company a machine with a fair value of $780,000. Crane also paid cash of $78,000 in the exchange. Blossom's machine has a book value of $714,000. What amount of gain or loss should Crane recognize on the exchange (assuming lack of commercial substance)? O $34,000 gain O $34,000 loss $24,000 loss O No gain or loss

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