On December 31, 2018. Crane Company is in financial difficulty and cannot pay a note due that day. It is a $3000000 note with $300000 accrued interest payable to Wildhorse, Inc. Wildhorse agrees to accept from Crane equipment that has a fair value of $1450000, an original cost of $2400000, and accumulated depreciation of $1130000. Wildhorse also forgives the accrued interest, extends the maturity date to December 31, 2021, reduces the face amount of the note to $1270000, and reduces the interest rate to 6%, with interest payable at the end of each year. Crane should recognize a gain or loss on the transfer of the equipment of $180000 gain. $0. $950000 loss. $320000 gain