On December $31,2025,$ American Bank enters into a debt restructuring agreement with Swifty Company, which is now experiencing financial trouble. The bank agrees to restructure a $12\%,$ issued at par, $$2,720,000$ note receivable by the following modifications:

$1.$

$2.$

Reducing the principal obligation from $$2,720,000$ to $$2,176,000.$

Extending the maturity date from December $31,2025,$ to January $1,2029.$

$3.$ Reducing the interest rate from $12\%$ to $10\%.$

Swifty pays interest at the end of each year. On January $1,2029,$ Swifty Company pays $$2,176,000$ in cash to American Bank.

$($a$)$

Will the gain recorded by Swifty be equal to the loss recorded by American Bank under the debt restructuring?