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Problem 6-40 (LO 6-5) In 2016, Gerald loaned Main Street Bakery $52,500. In 2017, he learned that he would probably receive only $5,775 of the

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Problem 6-40 (LO 6-5) In 2016, Gerald loaned Main Street Bakery $52,500. In 2017, he learned that he would probably receive only $5,775 of the loan. In 2018, Gerald received $2,625 in final settlement of the loan. Calculate Gerald's possible deductions with respect to the loan for 2016, 2017, and 2018 Deductions 2016 2017 2018

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