Question: Exercise 4-5 (Algorithmic) (LO. 9) Leilei operates a sole proprietorship, using the accrual basis of tax accounting. Last year, she claimed a $16,925 bad

Exercise 4-5 (Algorithmic) (LO. 9) Leilei operates a sole proprietorship, using the

Exercise 4-5 (Algorithmic) (LO. 9) Leilei operates a sole proprietorship, using the accrual basis of tax accounting. Last year, she claimed a $16,925 bad debt deduction for a receivable from Jackie. But this year, Jackie sent her a check for $11,848, which Leilei accepted in full satisfaction of the receivable. How much gross income does Leilei record for the item this year?

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