Could use help solving this problem. Thanks!

On December 31,2018 , Coronado Industries is in financial difficulty and cannot pay a note due that day. It is a $2900000 note with $290000 accrued interest payable to Wildhorse, Inc. Wildhorse agrees to accept from Coronado equipment that has a fair value of $1460000, an original cost of $2500000, and accumulated depreciation of $1130000. Wildhorse also forgives the accrued interest, extends the maturity date to Decerper 31,2021 , reduces the face amount of the note to $1370000, and reduces the interest rate to 6%, with interest payable at the end of each year. Coronado should recognize a gain or loss on the transfer of the equipment of So. $90000 gain. $1040000 loss. $330000 gain