Question 1 1.25 points Save Ang On December 31, 2019. Spear Co. is in financial difficulty and cannot pay a note due that day. It is a $360,000 note with $30,000 accrued interest payable to Nilsen, Inc. Nilsen agrees to accept from Spear a 20,000 of its ordinary shares (510), which have fair value of $25 per share in full settlement of the loan obligation The journal entry for Spear Co to record this debt settlement would include which of the following? O A. Debit Loss on Extinguishment of Debt $110,000 OB. Credit Gain on Extinguishment of Debt S190,000 Oc. Credit Share Capital - Ordinary $360,000 OD. Credit Share Premium - Ordinary $500,000