The England Company has a debt to a bank of $55,000. The company is currently being liquidated and believes that between $12,000 and $20,000 will be paid on that debt. According to the liquidation basis of accounting, what amount is reported for this liability?
a. $12,000 .
b. $16,000 .
c. $20,000 .
d. $55,000 .
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