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  3. copper corporation billed its customer $24,000 but

Copper Corporation billed its customer $24,000 but was only paid $12,000. After deeming the remainder...

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Accounting

Copper Corporation billed its customer $24,000 but was only paid $12,000. After deeming the remainder to be worthless, it was written off as a business bad debt. Copper Corporation also had an $8,000 long-term capital gain last year. Copper's taxable income for last year was $28,000. During the current year, Copper Corporation unexpectedly collected $5,000 on the debt. Copper Corporation should account for the $5,000 collection as

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