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****** The following information relates to the next three questions, On December 31, 2021, Betty Wenck is in financial difficulty and cannot pay a note

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****** The following information relates to the next three questions, On December 31, 2021, Betty Wenck is in financial difficulty and cannot pay a note due that day. It is a $1,800,000 note with $180,000 accrued interest payable to Holtkamp Inc. Holtkamp agrees to accept from Wenck equipment that has a FMV of $890,000, an original cost of 51.440,000 and accumulated depreciation of $690,000. Holtkamp also forgives the accrued interest, extends the maturity date to December 31, 2024. reduces the face amount of the note to $750,000, and reduces the interest rate to 6%, with interest payable at the end of the year. Question: Betty Wenck should recognize a gain or loss on the transfer of the equipment (settlement) in the amount of? Put positive number for gain and negative number for loss. QUESTION 28 Wenck should recognize again on the restructure of the debt (modification) of QUESTION 29 Betty Wenck should record interest expense for 2024 on

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