At December 31, 2023, Martinez Ltd. owes Carla Vista Corp. for a $306,000 note payable, plus accrued interest of $27,540. Martinez is now in financial difficulty and cannot repay Carla Vista. To settle the debt, Carla Vista agrees to accept from Martinez equipment with a fair value of $275,000, an original cost of $429,000, and accumulated depreciation to date of $101,000. Calculate the gain or loss to Martinez on the settlement of the debt. on settlemnt of debt $ eTextbook and Media Calculate the gain or loss to Martinez on the transfer of the equipment. on disposal of equipment eTextbook and Media Prepare the journal entry on Martinez's books to record the settlement of the debt. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit eTextbook and Media Prepare the journal entry on Carla Vista's books to record the settlement of the receivable. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit eTextbook and Media