Helena has assets of $180,000 and liabilities of $220,000. One of her debts is for...
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Accounting
Helena has assets of $180,000 and liabilities of $220,000. One of her debts is for $170,000. Enter in each entry field the amount Helena must include in gross income. If an amount is zero, enter "0". a. X The debt was incurred by Helena for medical school expenses. She borrowed $170,000 from her grandfather, who agreed to reduce the debt to $125,000 because Helena had done so well in school. b. The debt was incurred to buy property used in Helena's business. To help Helena get back $ on her feet, the bank that loaned her the money agreed to reduce the debt to $125,000. The debt was incurred to buy equipment used in Helena's business. Because the equipment did not perform as advertised by the manufacturer who had financed the purchase, the manufacturer agreed to reduce the debt to $125,000. C
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