On December 31, 2024, Nolte Co. is in financial difficulty and cannot pay a note due that day. It is a $3,000,000 note payable to Piper, Inc. Piper agrees to accept from Nolte equipment that has a fair value of $1,450,000, an original cost of $2,400,000, and accumulated depreciation of $1,150,000. Nolte should recognize a gain or loss on the debt restructure of

Group of answer choices $200,000 gain. $1,550,000 gain $1,750,000 gain. $1,550,000 loss.