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Firm Q operates a cash basis consulting business. In October, Firm Q billed a client for $24,800 of consulting services. In November, the client settled

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Firm Q operates a cash basis consulting business. In October, Firm Q billed a client for $24,800 of consulting services. In November, the client settled the bill by paying $10,700 cash and transferring marketable securities worth $14,100 to Firm Q. Required: How much taxable income does Firm Q recognize on settlement of the bils

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