Pineapple owes Dole a $600,000, 12%, three-year note dated December 31, 2012. Pineapple has been experiencing financial difficulties, and still owes accrued interest of $72,000 on this note at December 31, 2014.Under a troubled debt restructuring, on December 31, 2014, Dole agrees to settle the note plus the accrued interest for land that Pineapple owns, which has a fair value of $540,000.Pineapple's original cost of the land is $435,000.Ignoring income taxes, on its 2014 income statement, what should Pineapple report as a result of the troubled debt restructuring?

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The Answer of Pineapple owes Dole a $600,000, 12%, three-year note dated December 31, 2012. Pineapple has been experiencing financial difficulties, and still owes accrued interest of $72,000 on this note at December 31, 2014.Under a troubled debt restructuring, on December 31, 2014, Dole agrees to settle the note plus the accrued interest for land that Pineapple owns, which has a fair value of $540,000.Pineapple's original cost of the land is $435,000.Ignoring income taxes, on its 2014 income statement, what should Pineapple report as a result of the troubled debt restructuring?

Pineapple Owes Dole a $600,000, 12%, Three-Year Note Dated December