19. If an individual renders services to a creditor who in consideration thereofcancels the debt, the cancellation of indebtedness may,amount to a:a.GiftС.Donation inter vivosb. Capital contributiond.Payment of incomeCSScanned with CamScanner

If debt is cancelled by creditor against the service received by creditor, then the amount is called…

Answered: 19. If an individual renders services…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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19. If an individual renders services to a creditor who in consideration thereof cancels the debt, the cancellation of indebtedness may,amount to a: a. Gift С. Donation inter vivos b. Capital contribution d. Payment of income