Reference no: EM132811451
Question - Mango Co. is owing Strawberry Ltd. a $600,000, 12%, 3-year note dated December 31, 2017. Mango Co. has undergone financial troubles, and continues to owe accrued interest of $72,000 related to the note at December 31, 2019. Using a "troubled debt" restructuring, on December 31, 2019, Strawberry Ltd. settles the note plus accrued interest for property owned by Mango Co. The property's fair value is $540,000. Mango Co. had first paid $435,000 for the property. Not considering income taxes, on their 2019 income statement, what should Mango Co. report resulting from the "troubled debt" restructuring?
Gain on Disposition of Land: $237,000 / Gain on Restructuring of Debt: $0
Gain on Disposition of Land: $165,000 / Gain on Restructuring of Debt: $0
Gain on Disposition of Land: $105,000 / Gain on Restructuring of Debt: $60,000
Gain on Disposition of Land: $105,000 / Gain on Restructuring of Debt: $132,000
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