Question: The occurrence which most likely would have no effect on 2020 net income (assuming that all amounts involved are material) is the A. collection in

The occurrence which most likely would have no effect on 2020 net income (assuming that all amounts involved are material) is the

A. collection in 2020 of a receivable from a customer whose account was written off in 2019 by a charge to the allowance account.

B. sale in 2020 of an office building contributed by a stockholder in 1989.

C. settlement based on litigation in 2020 of previously unrecognized damages from a serious accident that occurred in 2018.

D. worthlessness determined in 2020 of stock purchased on a speculative basis in 2016.

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