At December $31,2023,$ Monty Ltd$.$ owes Sandhill Corp. for a $$307,000$ note payable, plus accrued interest of $$27\mathrm{.}630.$ Monty is now in financial difficulty and cannot repay Sandhill. To settle the debt, Sandhill agrees to accept from Monty equipment with a fair value of $$275,000,$ an original cost of $$403,000,$ and accumulated depreciation to date of $$106,000.($a$)$ Your answer is incorrect. Calculate the gain or loss to Monty on the settlement of the debt. Gain on settlemnt of debt eTextbook and Media Assistance Used List of Accounts Save for Later Last saved $20$ hours ago. Saved work will be auto$-$submitted on the due date. Auto$-$ submission can take up to $10$ minutes. $($b$)$ Attempts: $1$ of $3$ used Submit Answer