Classify each of the following voluntary settlements as an extension, a composition, or a combination...
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Accounting
Classify each of the following voluntary settlements as an extension, a composition, or a combination of the two.
a.Paying all creditors 39 cents on the dollar in exchange for complete discharge of the debt.
b.Paying all creditors in full in three periodic installments.
c.Paying a group of creditors with claims of $18,000 in full over 2 years and immediately paying the remaining creditors 70 cents on the dollar.
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