On December 31 of the current year, X Corp was indebted to Zyland company on a $100,000, 10% note. Only interest had been paid to date, and the remaining life of the note was 2 years. Because X Corp. was in financial difficulties, the parties agreed that X Corp. would settle the debt on the following terms: 1. Settle one-half of the note by transferring land with a recorded amount of $40,000 and a fair value of $45,000 2. Settle one-fourth of the note by transferring 1,000 shares of $1 par common stock with a fair value of $14 per share 3. Modify the terms of the remaining one-fourth of the note by reducing the interest rate to 5% for the remaining 2 years and reducing the principal to $15,000 What total gain should X Corp record in the current year from this troubled debt restructuring