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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

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Definitions:

Safe Streets Act

Legislation intended to increase public safety by restricting or penalizing specific behaviors or activities deemed to be hazardous or disruptive to the community.

Safe Streets Act

Legislation aimed at reducing traffic-related fatalities and injuries, often through enforcement measures, improvements in road design, and public education campaigns.

Moral Regulation

The constitution of certain behaviours as immoral and thereby requiring public regulation.

Normalization Of Law Breaking

The process by which illegal or unethical activities become regarded as normal or acceptable within a society or group.