Business, 11.02.2020 22:25, lizzbugg9880

Eddy Co. is indebted to Cole under a $1,000,000, 12%, three-year note dated December 31, 2016. Because of Eddy's financial difficulties developing in 2018. Eddy owed accrued interest of $120,000 on the note at December 31, 2018. Under a troubled debt restructuring, on December 31, 2018, Cole agreed to settle the note and accrued interest for a tract of land having a fair value of $900,000. Eddy's acquisition cost of the land is $725,000. Ignoring income taxes, on its 2018 income statement Eddy should report as a result of the troubled debt restructuring

Gain on Disposal Restructuring Gain

a) $395,000 0

b) $275,000 0

c) $175,000 $100,000

d) $175,000 $220,000

Answers: 2

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Eddy Co. is indebted to Cole under a $1,000,000, 12%, three-year note dated December 31, 2016. Becau...