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1) Suppose there is an individual whose income was $150,000 for the last three years. They reported a primary residence value of $1 million (with
1) Suppose there is an individual whose income was $150,000 for the last three years. They reported a primary residence value of $1 million (with a mortgage of $200,000), a car worth $100,000 (with an outstanding loan of $50,000), a 401(k) account with $500,000, and a savings account with $450,000. Apply the Gross Income test and Net Worth test. Net Worth is calculated as Assets minus Liabilities. Is this person an Accredited Investor? Specifically define what qualifies a person to be an Accredited Investor?
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Accounting Volume 1
Authors: Charles T. Horngren, Walter T. Harrison, Jo Ann L. Johnston, Carol A. Meissner, Peter R. Norwood
9th Canadian edition
978-013309863, 9780133128338, 013309863X, 133128334, 978-0132690096
