Frances Ford has total assets of $20,000 and total liabilities of $70,000. Pursuant to a...
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Accounting
Frances Ford has total assets of $20,000 and total liabilities of $70,000. Pursuant to a Title 11 bankruptcy action, all $70,000 of France's debt is discharged. As a result of the debt discharge, Frances will have a gross income of what amount?
A. $70,000
B. 50,000
C. 0
D. 20,000
E. None of the above.
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