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Firm Q operates a cash basis consulting business. In October, Firm Q billed a client for $26,000 of consulting services. In November, the client settled

Firm Q operates a cash basis consulting business. In October, Firm Q billed a client for $26,000 of consulting services. In November, the client settled the bill by paying $11,300 cash and transferring marketable securities worth $14,700 to Firm Q. Required: How much taxable income does Firm Q recognize on settlement of the bill

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