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Sue is age 73 and has a huge deal of difficulty living independently as she suffers from severe rheumatoid arthritis. She is enclosed by a $400,000 life insurance policy, and her children are named as the beneficiaries. Because of her health, Sue decides to live in a nursing home, but she does not have sufficient income to pay her nursing home bills which are expected to total $42,000 per year. The insurance company provides disabled individuals the option of either a reduced settlement on their policies or an annuity. Given Sue's age and health she has the option of receiving $3,200 per month or a lump sum payment of $225,000. To date, Sue has paid $80,000 in premiums on the policy.
a. How much income must Sue report if she selects the lump sum settlement?
b. How much income must Sue report if she choose the annuity?
c. How much income would Sue have to report If her nursing home bills amounted to only $36,000 per year?
Journalize each of the transactions for September, set up T-accounts, and post each of the journal entries made in (1).
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the only other debt outstanding during the year was a $1,000,000, 10-year, 9% note payable dated January 1, 2006. What is amount of interest that should be capitalized by Bass during 2012?
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Prepare the general journal entries required to record the acquisition and payment in each of the independent cases above. Round to the nearest dollar.
Prepare a revised aging schedule showing ages of the accounts receivable after the write-offs. Be very careful with your dates. [Hint: Be sure to reflect the write-offs taken in E above, in the correct age category].
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