Fortune Corporation used debentures with a par value of $572,000 to acquire 100 percent of Sorden Company's net assets on January 1, 20X2. On that date, the fair value of the bonds issued by Fortune was $556,000. The following balance sheet data were reported by Sorden:
Determine the amount Fortune Corporation would record as a gain on bargain purchase and prepare the journal entry Fortune would record at the time of the exchange. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)