(Answered) Question - mann inc which owes doran co 600000 in notes

Accounting

Question - Mann Inc which owes Doran Co $600,000 in notes payable with accrued interest of $54,000 is financially difficulty. To settle the debt Doran agrees to accept from Mann equipment with a fair value of 570,000, an original cost of $840,000 and accumulated depreciation $195,000.

Compute the gain or loss to settle the debt

Compute the gain or loss to transfer of equipment.

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