On June 2, 2017, Fred's TV Sales sold Mark a large HD TV, on account, for $12,000. Fred's TV Sales uses the accrual method. In 2018, when the balance on the account was $8,000, Mark filed for bankruptcy. Fred was notified that he could not expect to receive any of the amount owed to him. In 2019, final settlement was made and Fred received $1,000. Which of the following is true? Fred's TV will have a $7,000 deduction in 2019, Fred's TV will have a $8,000 deduction in 2018. There will be no effect upon Fred's TV 2019 income or deductions. Fred's TV will have a $4,000 deduction in 2018. Question 14 (3 points) Daniel Corporation has income of $50,000 before considering any allowed deductions on a truck he purchased 12/31/2020. Which of the following statements is true? Daniel Corporation may take a section 179 election to expense deduction of $50,000. Under the half-year convention, Daniel Corporation is ineligible for the section 179 election to expense deduction. Daniel Corporation is ineligible for the section 179 election to expense deduction if the truck is a used truck when purchased. Daniel Corporation may take a section 179 election to expense deduction of $75,000