Mrs. Taft owns a $150,000 insurance policy on her husbands life. The policys cash value is $125,000,
Question:
Mrs. Taft owns a $150,000 insurance policy on her husband’s life. The policy’s cash value is $125,000, and there is a $50,000 loan against it. The Tafts’ personal statement of financial condition at December 31, 20X3, should show what amount as an investment in life insurance?
a. $150,000
b. $125,000
c. $100,000
d. $75,000
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Related Book For 
Advanced Financial Accounting
ISBN: 9781260165111
12th Edition
Authors: Theodore Christensen, David Cottrell, Cassy Budd
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