Exercise 14-22 (Part Level Submission) On December 31, 2020, American Bank enters into a debt restructuring agreement with Bramble Company, which is now experiencing financial trouble. The bank agrees to restructure a 12%, issued at par, $2,720,000 note receivable by the following modifications:

1. Reducing the principal obligation from $2,720,000 to $2,176,000.

2. Extending the maturity date from December 31, 2020, to January 1, 2024.

3. Reducing the interest rate from 12% to 10%.

Bramble pays interest at the end of each year. On January 1, 2024, Bramble Company pays $2,176,000 in cash to American Bank.

a) Will the gain recorded by Bramble be equal to the loss recorded by American Bank under the debt restructuring?