YCM IncExchanged Business Equipment (Initial Cost $114,800; Accumulated Depreciation $63,400)for Like-Kind

Multiple Choice

YCM Inc.exchanged business equipment (initial cost $114,800; accumulated depreciation $63,400) for like-kind equipment worth $110,000 and $10,000 cash.As a result,Rydell must recognize:

A) No gain or loss
B) $10,000 Section 1231 gain
C) $10,000 ordinary gain
D) None of the above