On December 31, 2020, American Bank enters into a debt restructuring agreement with Headland Company, which is now experiencing financial trouble. The bank agrees to restructure a 12%, issued at par, $2,800,000 note receivable by the following modifications: 1. Reducing the principal obligation from $2,800,000 to $1,860,000. 2. Extending the maturity date from December 31, 2020, to January 1, 2024. 3. Reducing the interest rate from 12% to 10%. Headland pays interest at the end of each year. On January 1, 2024, Headland Company pays $1,860,000 in cash to American Bank. (a) Can Headland Company record a gain under this term modification? If yes, compute the gain for Headland Company. If no, enter amount as O. The gain for Headland Company +A $