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Calculate gain that will be recorded on diaz corp books is

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Question: On December 31, 2020, Diaz Corp is in financial difficulty and cannot pay a $350,000 note with $35,000 accrued interest payable to Cameron Ltd. Cameron agrees to forgive the accrued interest, extent the maturity date to December 31, 2022, and reduce the interest rate to 4%. The present value of the restructured cash flows is $299,500. As the new debt is different by more than 10% the gain that will be recorded on Diaz Corp's books is?

Reference no: EM132758383

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