On December 31, 2022 Peyton Corporation restructured its debt. Peyton was experiencing cash flow problems stemming from poor operations, transferred real estate to the First United Bank of Montreal in full settlement of a debt of P1,700,000. However the real estate was carried on the books of Peyton Corporation at P1,200,000. The current market value for similar real estate is P1,350,000. Answer the question 1. Is the restructuring a troubled debt-restructuring? Why? 2. Should the debtor recognize gain or loss on the transfer of real estate, if your answer is in the affirmative, how would the amount be presented in the income statement? 3. If the debtor recognize a gain or loss, How would the gain or loss be treated in the income statement? 4. What is the proper accounting treatment of this debt restructuring by the creditor?

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