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Author Question: Exter Company is experiencing financial difficulties. It has assets worth $2 million, but owes ... (Read 78 times)

serike

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Question 1

Elisa sued her former employer for discrimination. She was awarded $200,000 for lost wages, $30,000 for medical expenses related to emotional distress resulting from the discrimination, and $300,000 in punitive damages. The amount taxable is
◦ $0.
◦ $200,000.
◦ $500,000.
◦ $530,000.

Question 2

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
◦ $0.
◦ $100,000.
◦ $200,000.
◦ $300,000.


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Marked as best answer by serike on Sep 13, 2020

helenmarkerine

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serike

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Reply 2 on: Sep 13, 2020
Wow, this really help


Dinolord

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

 

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