Flounder Ltd., who owes Pharoah Corp. $603,000 in notes payable, is in financial difficulty. To eliminate the debt, Pharoah agrees to accept from Flounder land having a fair value of $456,800 and a recorded cost of $341,200. (a) Calculate the amount of gain or loss to Flounder on the transfer (disposition) of the land. Loss on the transfer (disposition) of the land $