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Sally has found it very difficult to repay her loans. Because of these difficulties, the...

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Accounting

Sally has found it very difficult to repay her loans. Because of these difficulties, the bank decided to forgive one of her most recent loans, an amount of $89,000. After the loan was discharged, Sally had total assets of $240,000 and her remaining loans totaled $223,000. What amount must Sally include in her gross income?

Multiple Choice

  • $89,000

  • $72,000

  • $30,000

  • $0

  • $17,000

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