Blue Spruce Ltd., who owes Crane Corp. $601,000 in notes payable, is in financial difficulty. To...

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Blue Spruce Ltd., who owes Crane Corp. $601,000 in notes payable, is in financial difficulty. To eliminate the debt, Crane agrees to accept from Blue Spruce land having a fair value of $455,600 and a recorded cost of $340,400. (a) -Your answer is partially correct. Calculate the amount of gain or loss to Blue Spruce on the transfer (disposition) of the land. Gain on the transfer (disposition) of the land $ eTextbook and Media List of Accounts Save for Later Attempts: 1 of 3 used Submit Answer Blue Spruce Ltd., who owes Crane Corp. $601,000 in notes payable, is in financial difficulty. To eliminate the debt, Crane agrees to accept from Blue Spruce land having a fair value of $455,600 and a recorded cost of $340,400. (a) -Your answer is partially correct. Calculate the amount of gain or loss to Blue Spruce on the transfer (disposition) of the land. Gain on the transfer (disposition) of the land $ eTextbook and Media List of Accounts Save for Later Attempts: 1 of 3 used Submit Answer