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During 2021, Mercury Company was encountering financial difficulties and seemed likely to default on a $340,000, 10% four-year note dated January 1, 2019, payable to Sixth Bank. Interest was last paid on December 31, 2020. On December 31, 2021, Sixth Bank accepted $300,000 in settlement of the note.
Question 1: Ignoring income taxes, what amount should Mercury Company report as a gain from the debt restructuring in its 2021 income statement?
Option 1: $0.
Option 2: $18,500.
Option 3: $40,000
Option 4: $74,000
Financial Statement Analysis and Preparation
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