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Suppose $2,500,000 of 6%, 8 year debt is issued by XYZ Co. on January 1, 2015, when the market rate of interest is 7.5%. Interest is payable annually on December 31. XYZ has elected the amortized cost method of reporting this debt. On January 1, 2018 when the market rate interest comparable debt is 5%, XYZ Co restructures the debt with a $2,750 sweetener. The gain loss on the debt restructure on January 1, 2018 is $262,708 loss $257,208 gain $259,958 gain $252,676 loss