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Given the following information, determine whether illegal income is likely. If so, determine the amount of unknown income - show your calculations. Financial Data Yr.

Given the following information, determine whether illegal income is likely. If so, determine the amount of unknown income - show your calculations.

Financial Data

Yr. 1

Yr. 2

Yr. 3

Assets:

Residence

$100,000

$100,000

$100,000

Baseball cards

$15,000

$15,000

$25,000

Automobiles

$0

$30,000

$50,000

Art work

$50,000

$150,000

$250,000

Cash

$6,000

$12,000

$14,000

Liabilities:

Mortgage

$100,000

$50,000

$0

Auto loan

$0

$30,000

$0

Income:

Salary

n/a

$34,000

$36,000

Other

n/a

$6,000

$6,000

Expenses:

Mortgage payment

n/a

$6,000

$6,000

Auto loan payment

n/a

$4,800

$4,800

Other living expenses

n/a

$20,000

$20,000

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