Question
Mrs. Dees husband died in the current year. She chose to receive the proceeds of her husbands $100,000 life insurance policy over a 10-year period.
Mrs. Dees husband died in the current year. She chose to receive the proceeds of her husbands $100,000 life insurance policy over a 10-year period. The monthly installments are $1,200 each. What is the amount of the annual payments that represents gross income to Mrs. Dee?
A. $0
B. $2,000
C. $4,400
D. $14,400
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Intermediate Accounting
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
10th Edition
324300980, 978-0324300987
