Indirect Methods of Income from Unknown Sources Income from Lifestyle Known Sources Application Sources Net Worth Asset Liability Description Boat Boat Loan Boat Loan Payments Car Car Loan Car Loan Payments Deposit to Bank Account Dividends on Tax Return Down Payment Boat Down Payment Car Down Payment Time Share Down Payment Vacation Homes Home Home Equity Loan Home Equity Loan Payments Interest on Tax Return Mortgage Mortgage Payments Mutual Funds Purchase Mutual Funds Time Share Vacation Homes Wages on W-2 and Tax Return Amount 25,000 20,000 5,000 40,000 30,000 2,000 500,000 5,000 12,000 7,000 6,000 15,000 275,000 35,000 4,000 1,000 150,000 3,000 20,000 20,000 50,000 250,000 75,000 Net Worth Estimated Net Cash Income Vacation Homes Wages on W-2 and Tax Retum 250,000 75,000 Net Worth Estimated Net Cash Income Estimated Income from Unknown Sources Read the second brief case at the end of chapter (9) and complete the above table based on the following requirements. Save your work on a Word or Excel file and upload it as an attachment to this question A Use the above Chart to estimate the assets, liabilities, sources, applications, income from known sources, estimated net worth and the estimated net cash income. Given the income from known sources, estimate the income from unknown sources from the Lifestyle Approach Assume that the suspect declared bankruptcy and that the bankruptcy judge closed the case on December 31 of the prior year, confirming that the suspect had no assets and forgave all of the suspects liabilities on the date the bankruptcy was closed. What is your estimated income from unknown sources using the net worth method? D Assume that the sources have been rated as reliable, what is your assessment of the validity of your estimate of income from unknown sources? Why? B C