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Firm Q operates a cash basis consulting business, In October, Firm Q bilied a client for $26,800 of consulting services. In November, the client settied

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Firm Q operates a cash basis consulting business, In October, Firm Q bilied a client for $26,800 of consulting services. In November, the client settied the bill by paying $11,700 cash and transferring marketable securities worth $15,100 to Firm Q Recuired: How much taxable income does Firm Q recognize on settiement of the bili

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