Help me with this question please Giant Corp. entered into a troubled debt...
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Help me with this question please
Giant Corp. entered into a troubled debt restructuring agreement with First Niagara Bank. First Niagara agreed to accept land with a carrying amount of $85k and a fair value of $120k in exchange for a note with a carrying amount of $185k. What amount should Giant Corp report as a gain from extinguishment of debt in its income statement from this transaction?
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