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What recorded on diaz corp books is

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On December 31, 2020, Diaz Corp is in financial difficulty and cannot pay a $350,000 note with $35,000 accrued interest payable to Cameron Ltd. Cameron agrees to forgive the accrued interest, extent the maturity date to December 31, 2022, and reduce the interest rate to 4%. The present value of the restructured cash flows is $299,500.

Problem 1: As the new debt is different by more than 10% the gain that will be recorded on Diaz Corp's books is?

Reference no: EM132701700

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What recorded on diaz corp books is : On December 31, 2020, Diaz Corp is in financial difficulty,As the new debt is different by more than 10% the gain that will be recorded on Diaz Corp's books is?
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