Use the Following Information for Questions 44-46

question 91

Multiple Choice

Use the following information for questions 44-46.
On December 31, 2020, Diaz Corp. is in financial difficulty and cannot pay a $ 900,000 note with $ 90,000 accrued interest payable to Cameron Ltd., which is now due. Cameron agrees to accept from Diaz equipment that has a fair value of $ 435,000, an original cost of $ 720,000, and accumulated depreciation of $ 345,000. Cameron also forgives the accrued interest, extends the maturity date to December 31, 2022, reduces the face amount of the note to $ 375,000, and reduces the market interest rate of 6%, with interest payable at the end of each year.
-Diaz should recognize a gain or loss on the transfer of the equipment of

• A) $ 0.
• B) $ 60,000 gain.
• C) $ 90,000 gain.
• D) $ 285,000 loss.

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Definitions:

Unsorted List

A collection of elements that are in no specific order.

Entire List

In programming, it refers to accessing or utilizing all elements in a list data structure.

Selection Sort

Selection sort is a simple sorting algorithm that divides the input list into two parts: the sorted part at the beginning and the unsorted part at the end, then repeatedly selects the smallest or largest element from the unsorted part and moves it to the sorted part.

Selection Sort

A simple, comparison-based sorting algorithm that divides the input list into a sorted and an unsorted region, repeatedly selecting the smallest or largest element from the unsorted region and moving it to the sorted region.