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If Katherine is insolvent with assets of $30,000 and liabilities of $40,000 and one of Katherine's creditors then cancels a debt of $15,000, what amount must Katherine recognize as income?

a. $0

b. $5,000

c. $10,000

d. $15,000

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M942365

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