Multiple Choice
Exter Company is experiencing financial difficulties.It has assets worth $2 million,but owes liabilities of $2.1 million.It has a longstanding relationship with the bank.The bank has agreed to forgive $300,000 of debt principal.Because of this debt forgiveness,Exter will recognize income of
A) $0.
B) $100,000.
C) $200,000.
D) $300,000.
Correct Answer:
Verified
Correct Answer:
Verified
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