Corona Industries purchased a stamping machine on January $2,20$X$1,$ for $$100,000.$ It made

an initial payment of $$20,000$ and financed the balance over $5$ years at State Bank. The loan

terms were for annual payments of $$16,000$ plus $10\%$ interest, payable on December $31$ each

year. The year $20$X$4$ proves to be a difficult year and on December $1,20$X$4$ Corona

negotiates a debt restructuring with State Bank. The settlement calls for cash payment of

accrued interest plus $$4,000$ on December $1$ and the transfer of $200$ acres of land held by

Corona that cost $$15,000.$ The land has a current fair value of $$22,000.$

What is the amount of the restructuring gain or loss to Corona?

$21)\_\_\_\_\_\_$

A$)$ $$6,000$ loss

B$)$ $$6,000$ gain

C$)$ $$8,933$ loss

D$)$ $$13,000$ gain