Marigold Corp. is indebted to Ivanhoe under a $960000, 13%, three-year note dated December 31, 2019. Because of Marigolds financial difficulties developing in 2021, Marigold owed accrued interest of $124800 on the note at December 31, 2021. Under a troubled debt restructuring, on December 31, 2021, Ivanhoe agreed to settle the note and accrued interest for a tract of land having a fair value of $870000. Marigolds acquisition cost of the land is $720000.
Required:
1. Ignoring income taxes, on its 2021 income statement, what should Marigold report as its gain on disposal and restructuring gain?