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On December 31, 2015, Net Co. is in financial difficulty and cannot pay a...

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Accounting

On December 31, 2015, Net Co. is in financial difficulty and cannot pay a note due that day. It is a $600,000 note with $60,000 accrued interest payable to Pier, Inc. Pier agrees to accept from Net a building that has a fair value of $590,000, an original cost of $530,000, and accumulated depreciation of $130,000.
Net should recognize a gain on the settlement of the debt of

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