On December 31,2023, Green Bank enters into a debt restructuring agreement with Shamrock Inc., which is now experiencing financial trouble. The bank agrees to restructure a $2.8- million, 12% note receivable issued at par by a following modification:

1. Reducing the principle obligation from $2.8 million to $2.24 million 2. Extending the maturity date from December 31, 2023 to December 31,2026

3. Reducing the interest rate from 12% to 10% Shamrock pays interest at the end of each year.

On January 1,2027, Shamrock Inc pays $2.24 million in cash to Green Bank for the Principle. The market rate is currently 10% a) Determine if Shamrock can record gain under this term modification