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Everspring Corp. has a $1,000,000 note payable due to its founder, Tom Barnes. Mr. Barnes, who was a bachelor with no children, died last month.

Everspring Corp. has a $1,000,000 note payable due to its founder, Tom Barnes. Mr. Barnes, who was a bachelor with no children, died last month. Can Everspring derecognize the liability from its financial statements? Yes or No

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