Nu Corp. agreed to give Rand Co. a machine in full settlement of a note payable to Rand. The machine's original cost was $140,000. The note's face amount was $110,000. On the date of the agreement,

the note's carrying amount was $105,000, and its present value was $96,000.
The machine's carrying amount was $109,000, and its fair value was $96,000.
What amount of net gain (or losses) should Nu recognize?

a) ($4,000)
b) $0
c) ($13,000)
d) $9,000

A.j. was a newly hired attorney for idle time gaming, inc. even though he reported directly to the president of the company, a.j. noticed that the president always had time to converse with the director of sales, calling on him to get a pulse on legal/regulatory issues that, as the company attorney, a.j. could have probably handled. a.j. also noted that the hr manager’s administrative assistant was the go-to person for a number of things that would make life easier at work. a.j. was recognizing the culture at idle time gaming.