I need help with the following accounting problem. Show work

Fred Co. which owes Andrew Co. $500,000 in notes payable with accrued interest of $60,000, is in financial difficulty. To settle the debt, Andrew Co. agrees to accept from Fred Co. equipment with a fair value of $410,000, an original cost of $720,000, and accumulated depreciation of $210,000. Show work] Compute the gain or loss to Fred Co. on the settlement of the debt. Compute the gain or loss to Fred Co. on the transfer of the equipment. Prepare the journal entry on Fred's books to record the settlement of this debt. Prepare the journal entry on Andrew's books to record the settlement of the receivable