During 2018 Belair Company was encountering financial difficulties and seemed likely to default on a $600,000, 10%, four-year note dated January 1, 2016, payable to Second Bank. Interest was last paid on December 31, 2017. On December 31, 2018, Second Bank accepted $500,000 in settlement of the note. Ignoring income taxes, what amount should Belair report as a gain from the debt restructuring in its 2018 income statement?
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