Hello Chegg, could you please let me know if this is correct or incorrect? ThanksDrop down

1. is / is not

2.is / is not

3.$1,300 / $1,430 / $900 / $1,000

Actual Cash Value versus Replacement Cost Coverage The following table gives a partial list of Clancy's significant property (that is, although only the first three items are listed within each category, the totals at the bottom of the table include the prices of unlisted property items). Item Purchase Price ACV Replacement Cost Furniture Couch set $3,500 $875 $3,850 Outdoor lawn furniture 3,125 1,563 3,750 1,000 500 1,200 Dining room table and chairs Appliances TV 750 375 900 125 75 150 DVD player Sound system Furnishings 1,000 400 1,200 Antique rugs 11,250 3,375 13,500 10,000 12,000 12,000 Sculptures Throw blankets and pillows 375 225 450 TOTAL: $46,688 $30,347 $56,026 Clancy has a $58,000 HO-1 form insurance policy. No additional endorsements or floaters have been added to the policy. Therefore, the actual cash value (ACV) of his property is not covered under this policy and the replacement cost of his property is not covered. 2 One of his more valuable items is a custom electric guitar he purchased when his band starting gaining popularity. He purchased the guitar 6 years ago for $2,500, and the total life expectancy is 10 years. The custom electric guitar he purchased when his band starting gaining popularity would cost $2,800 if it was purchased today. 3. The actual cash value (ACV) of the guitar is $1,300