17. After almost one full year of unemployment, Carl Cox finds himself deeply in debt. Assume that Carl has total assets of $40,000 and total liabilities of $200,000, $175,000 of which is owed to three credit card companies. Assume also that one of the credit card companies cancels $50,000 of Carl's debt, leaving him still owing that credit card company $30,000. As a result of the debt cancellation, Carl has gross income of what amount? A $50,000 B 30,000 C 40,000 D 0 E None of the above