Lyon Company has the following transactions in the current year. Assuming that all of the ­transactions are material, which of them will most likely have no effect on current year net income?
a. The sale of a factory building that was contributed by a shareholder in the prior year.
b. The settlement of litigation over an accident that occurred in the prior year but for which a loss had not previously been considered to be probable and reasonably estimable.
c. The determination that certain junk bonds purchased on a speculative basis several years previous were worthless.
d. The collection of a receivable from a customer whose account was written off in the prior year by a charge to the allowance for bad debts account.