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What amount should pumpkin report as gain

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Reference no: EM133000201

Problem 1: During 2021, PUMPKIN Company experienced financial difficulties and is likely to default on a ?5,000,000, 15% three-year note dated January 1, 2019, payable to Summit Bank. On December 31, 2021, the bank agreed to settle the note and unpaid interest of ?750,000 for 2021 for ?4,100,000 cash payable on January 31, 2022. What amount should PUMPKIN report as gain or loss from extinguishment of debt in its 2021 income statement?

Reference no: EM133000201

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