Use the Information Given Below to Answer the Following Question

question 17

Multiple Choice

Use the information given below to answer the following question. What is the net profit for 2019?

• A) $62 000
• B) $70 000
• C) $104 000
• D) None of the above )

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Definitions:

Forbearance

An agreement between a lender and a borrower to temporarily suspend debt payments.

Accord and Satisfaction

A legal agreement whereby disputes are settled by the parties agreeing to accept something different from what was originally expected.

Release

An agreement where one party agrees to relinquish any claims, demands, or potential legal action against another party, often in return for compensation.

Legal Detriment

A loss or disadvantage suffered as a result of entering into a legal agreement or contract.