Land and buildings having a book value of $150,000 and a fair value of $185,000 are transferred to a creditor in a troubled debt restructuring to fully settle a loan of $200,000 plus accrued interest of $3,000.What is the amount of the gain on restructuring?

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The Answer of Land and buildings having a book value of $150,000 and a fair value of $185,000 are transferred to a creditor in a troubled debt restructuring to fully settle a loan of $200,000 plus accrued interest of $3,000.What is the amount of the gain on restructuring?

Land and Buildings Having a Book Value of $150,000 and a Fair