9. The estimated value of a real estate asset in a financial statement should be based upon the a. Income tax basis of the asset, after adjusting straight line and accelerated depreciation. b. The client's estimate of current value. c. Current replacement value of the asset. d. The value that a well-informed buyer is willing to accept from a well-informed seller where neither is compelled to buy or sell. 10. John and Mary, both 45 years old, are married and have one child, age 10. They plan to pay for his college at an in-state university from age 18 to 23 and they would like to retire at age 62. They have provided the following financial data. oint emp ohn's 401(k) plan contributions Mary's IRA contributions ohn's 401k) plan employer match Annual gifts Total Investment Assets Total Cash and Cash Equivalents $200,000 $16,500 $3,000 $5,000 $10,000 380,000 $100,000 nt incorme from John's ts From the goals and data given, which of the following statements is/are correct? (Do not make assumptions that are not stated) 1 John and Mary's investment assets to gross pay ratio is adequate for their age 2. John and Mary's savings rate is appropriate for their goals. a. b. 2 only c. Both 1 and 2. d. Neither 1 nor 2. 0