Jensen Inc. has a $500,000 note payable due to its founder, Jen Jensen. Ms. Jensen is recently deceased and has no heirs that Jensen Inc.'s executive team is aware of. The company has asked for your help to determine whether it is appropriate to derecognize the liability from its financial statements.

Required:

Please write two to three FASB sections that help answer the question above. I need the exact sections and their content as it appears under FASB.

Thank you in advance!