In an exchange of assets, Junger Co. received equipment with a fair value equal to the carrying amount of the equipment given up. Junger also contributed cash equal to 10% of the fair value of the exchange. If the exchange is not considered to have commercial substance, Junger should recognize: a. A loss equal to the cash (boot) given up. b. A loss determined by the proportion of cash paid to the total transaction value. c. A gain determined by the proportion of cash paid to the total transaction value. d. Neither gain nor loss Bell and Mayo are independent entities.