John Inc and Victor Inc for Its 70% Stake in Jinxtor

John Inc and Victor Inc for its 70% stake in Jinxtor. Jinxtor reported a net income of $3,000,000 for 2013. John's plant and equipment were estimated to provide an additional 5 years of utility to Jinxtor. Assume that the facts provided above with respect to the Jinxtor joint venture remain unchanged except that John receives $240,000 in return for investing its plant and equipment. What would be the immediately recognizable gain arising from this transaction?

A) $60,000
B) $85,500
C) $124,500
D) $142,500