Can Larkin Company record a gain under the term modification mentioned above?

Term Modification On December 31, 2020, Swiss Bank enters into a debt restructuring agreement with Larkin Company, which is now experiencing financial trouble. The bank agrees to restructure a 12%, issued at par, $10,000,000 note receivable by the following modifications: 1. Reducing the principal obligation from $10,000,000 to $8,000,000. 2. Extending the maturity date from December 31, 2020, to December 31, 2023. 3. Reducing the interest rate from 12% to 10%. Larkin pays interest at the end of each year. On December 31, 2023, Larkin Company pays $8,000,000 in cash to Swiss Bank