Due to financial difficulties, Xia Corp renegotiates its debt. Prior to debt renegotiations, Xia Corp's balance sheet is: Assets: Cash $1,000,000 Accounts Receivable $4,000,000 Equipment $2,000,000 Liabilities: Accounts Payable $2,000,000 Debt $9,000,000 After debt renegotiations with its bank, the bank reduces Xia's outstanding debt by $2,000,000. Does Xia Corp recognize gross income as a result of its bank cancelling $2,000,000 of debt? Yes If yes, how much?