On December 31, 2007, Queen Co. is in financial difficulty and cannot pay a 10% note due that day. It is a $1,200,000 note with $120,000 accrued interest payable to Trear, Inc. Trear agrees to accept from Queen two pieces of equipment as follows in settlement of the debt and forgiveness of the interest: Equip #1 Equip #2 Fair Value $580,000 $500,000 Cost $920,000 $900,000 Accumulated Depreciation $460,000 $300,000 What is the amount of the overall net gain or loss that Queen should recognize on the transfer of the equipment and settlement the of debt/forgiveness of interest