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Several years ago, Lilya took out a loan from Safe Credit union. Lilya agreed to make monthly principal and interest payments for 15 years. This

Several years ago, Lilya took out a loan from Safe Credit union. Lilya agreed to make monthly principal and interest payments for 15 years.

This year, the bank canceled $23,629 of the outstanding loan. At the time, Lilya had a total assets of $100,229 and total liabilities of $103,984.

What amount of gross income does Lilya recognize as a result of the cancellation of debt?

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