Corona Industries Purchased a Stamping Machine on January 2, 2011

Corona Industries purchased a stamping machine on January 2, 2011, for $100,000. It paid $20,000 down and financed the balance over 5 years at State Bank. Terms of the loan were 10% interest payable on December 31 each year with a required $16,000 principal payment. 2014 proves to be a difficult year and on December 1, Corona negotiates a debt restructuring with State Bank. The settlement calls for cash payment of accrued interest plus $4,000 on December 1 and the transfer of 200 acres of land held by Corona that cost $15,000. The land has a current market value of $22,000.
-What is the amount of the receivable restructuring gain or loss to State Bank?

A) $6,000 loss
B) $6,000 gain
C) $13,000 loss
D) $8,933 gain