On December 31, 2020, Green Bank enters into a debt restructuring agreement with Shamrock Inc., which is now experiencing financial trouble. The bank agrees to restructure a $1.4-million, 12% note receivable issued at par by the following modifications:

1.		Reducing the principal obligation from $1.4 million to $1.12 million
2.		Extending the maturity date from December 31, 2020, to December 31, 2023
3.		Reducing the interest rate from 12% to 10%

Shamrock pays interest at the end of each year. On January 1, 2024, Shamrock Inc. pays $1.12 million in cash to Green Bank for the principal. The market rate is currently 10%.

(a)

Using (1) factor tables, (2) a financial calculator, or (3) Excel function PV, determine if Shamrock can record a gain under this term modification. select an option Yes or No Calculate the gain if any. (For calculation purposes, use 5 decimal places as displayed in the factor table provided and Round final answer to 0 decimal places, e.g. 1,525.)

Gain

$enter the Gain in dollars rounded to 0 decimal places