On june 2, 2018, fred’s tv sales sold mark a large hd tv on account for $12,000. fred’s tv sales uses the accrual method. in 2019, 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 2020 final settlement was made and fred received $1,000. how much bad debt loss can fred deduct in 2020?

scenario: hawaii and south carolina are trading partners. hawaii has an absolute advantage in the production of both coffee and tea. the opportunity cost of producing 1 pound of tea in hawaii is 2 pounds of coffee, and the opportunity cost of producing 1 pound of tea in south carolina is 1/3 pound of coffee. which of the following statements is true? a. south carolina should specialize in the production of both tea and coffee. b. hawaii should specialize in the production of tea, whereas south carolina should specialize in the production of coffee. c. hawaii should specialize in the production of coffee, whereas south carolina should specialize in the production of tea. d. hawaii should specialize in the production of both tea and coffee.