Colt, Inc. is indebted to Kent under an $800,000, 10%, four-year note dated December 31, 2003.

Colt, Inc. is indebted to Kent under an $800,000, 10%, four-year note dated December 31, 2003. Annual interest of $80,000 was paid on December 31, 2004 and 2005. During 2006, Colt experienced financial difficulties and is likely to default unless concessions are made. On December 31, 2006, Kent agreed to restructure the debt as follows:

Interest of $80,000 for 2006, due December 31, 2006, was made payable December 31, 2007.
Interest for 2007 was waived.
The principal amount was reduced to $700,000.
How much should Colt report as a gain in its income statement for the year ended December 31, 2006?

$ 60,000

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