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Should a gain or loss on restructuring of debt be recognized

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Reference no: EM13872171

1. A debtor in a troubled debt restructuring has debt that is settled by a transfer of land with a fair value that is less than the carrying amount of the debt but is more than the book value of the land. Should a gain or loss on restructuring of debt be recognized? Should a gain or loss on the disposition of assets be recognized?

 

Gain or Loss on Restructuring of Debt

Gain or Loss on Disposition of Assets

a.

Gain

Gain

b.

Gain

Loss

c.

Loss

Loss

d.

Loss

Gain

Reference no: EM13872171

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