Q2. Karim Inc., which owes Habib Co. SAR 900,000 in notes payable, is in financial difficulty. To eliminate the debt, Habib agrees to accept from Karim land having a fair value of SAR 610,000 and a recorded cost of SAR 450,000. (a) Compute the amount of gain or loss to Karim, Inc. on the transfer (disposition) of the land. (b) Compute the amount of gain or loss to Karim, Inc. on the settlement of the debt. (c) Prepare the journal entry on Karim 's books to record the settlement of this debt (5 marks)