Problem 5-57 (LO. 4)Vic, who was experiencing financial difficulties, was able to
adjust his debts as follows:a. Vic is an attorney. Vic owed his uncle
$25,000. The uncle told Vic that if he serves as the executor of
the uncle's estate, Vic's debt will be canceled in the uncle's
will.The $25,000 debt cancellation is Vic's gross income when the
uncle dies.b. Vic borrowed $80,000 from First Bank. The
debt was secured by land that Vic purchased for $100,000. Vic was...