Klopp Company owes a note to Sarri Bank During 2020. Klopp's business deteriorated due to...
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Klopp Company owes a note to Sarri Bank During 2020. Klopp's business deteriorated due to a faltering regional economy. On August 3, 2020. Sarri Bank 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 $521000, and a fair value of $280,000. How much gainoss on the disposition of building and on restructuring of debt should Klopp record, respectively? 0502 Multiple Choice C) loss of 541,000 and gen of $70,000 O gain of $63,000 and gain of $22.000 gain of $41000 and gain of $22.000 loss of S480000 and gain of 570.000
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