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How much gain/loss on the disposition of building

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Question - Company A owes a note to Bank B. During 2022, Company A's business deteriorated due to a faltering regional economy. On May 3, 2022, Bank B agrees to accept a building and cancel the entire debt. The note has a face value of $350,000 and a discount balance of $48,000 on this date. The building has a cost of $760,000, accumulated depreciation of $521,000, and a fair value of $280,000. How much gain/loss on the disposition of building and on restructuring of debt should Company A record, respectively?

Reference no: EM133185824

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