81. Joe operates a business that locates and purchases specialized assets for clients, among other activities. Joe uses the accrual method of accounting but he doesnt keep any significant inventories of the specialized assets that he sells. Joe reported the following financial information for his business activities during year 0. Determine the effect of each of the following transactions on the taxable business income. c. On November 1, Joe paid $600 for premiums providing for $40,000 of key man insurance on the life of Joes accountant over the next 12 months