1. Ashley had $10,000 in credit card debt. She negotiated a settlement with the credit...
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1. Ashley had $10,000 in credit card debt. She negotiated a settlement with the credit card company. Ashley paid $4,000 of the credit card debt, and the credit card company agreed to cancel $6,000 of the debt. If Ashley has total assets of $27,000 and total liabilities of $25,000 immediately before the debt was cancelled, what amount of gross income does Ashley have as a result of the credit card company cancelling $6,000 of her debt?
2. Ashley had $10,000 in credit card debt. She negotiated a settlement with the credit card company. Ashley paid $4,000 of the credit card debt, and the credit card company agreed to cancel $6,000 of the debt. If Ashley had total assets of $15,000 and total liabilities of $16,000 immediately before the debt was cancelled, what amount of gross income does Ashley have as a result of the credit card company cancelling $6,000 of her debt?
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