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2. Nolte Co. is experiencing financial difficulty and cannot pay an overdue $1,500,000 note pavable plus $100,000 accrued interest. On December 31, 2018 the lender agrees to accept from Nolte equipment that has a fair value of $1,450,000, an original cost of $2,400,000, and accumulated depreciation of $1,150,000. C Nolte should recognize a total gain on the settlement of the debt of a. $0. b. $200,000. c. $150,000. d. $350,000