Question 10 of 22 - /20 Current Attempt in Progress On December 31, 2020, American Bank enters into a debt restructuring agreement with Pronghorn Company, which is now experiencing financial trouble. The bank agrees to restructure a 12%, issued at par $2,400,000 note receivable by the following modifications: 1. Reducing the principal obligation from $2,400,000 to $1,580,000 Extending the maturity date from December 31, 2020, to January 1, 2024. 2. 3. Reducing the interest rate from 12% to 10%. Pronghorn pays interest at the end of each year. On January 1, 2024. Pronghorn Company pays $1,580,000 in cash to American Bank (a) Can Pronghorn Company record again under this term modification? If yes, compute the gain for Pronghorn Company. If no, enter amount as 0. $ The gain for Pronghorn Company