Question 19 of 30 -/3.33 E View Policies Current Attempt in Progress On December 31, 2015, Vaughn Manufacturing is in financial difficulty and cannot pay a note due that day. It is a $3200000 note with $320000 accrued interest payable to Cullumber, Inc. Cullumber agrees to accept from Vaughn equipment that has a fair value of $1460000, an original cost of $2500000, and accumulated depreciation of $1140000. Cullumber also forgives the accrued interest, extends the maturity date to December 31, 2018, reduces the face amount of the note to $1240000, and reduces the interest rate to 7%, with interest payable at the end of each year. Vaughn should recognize a gain or loss on the transfer of the equipment of o $100000 gain. O $1040000 loss. O $200000 gain. O $0