Newlyweds Jamie Lee and Ross have had several milestones in the past year. They are newly married, recently purchased their first home, and now have twins on the way! Jamie Lee and Ross have to seriously consider their insurance needs. With a family, a home, and now babies on the way, they are working on developing a risk management plan to help them should an unexpected event arise. 'Jamie Lee and Ross created a Household Inventory (see Addendum C), excluding the $2,000 diamond wedding band set. They have elected not to get any further liability or other specialized coverage at this time. Currently, their home has increased in value by $12.000 since they purchased it five years ago. If something unfortunate should happen, they want to ensure that they are able to rebuild their home using the most current costs Use this information to complete the table below and determine the total amount of property insurance coverage they will need. Each answer must have a value for the assignment to be complete. Enter "0" for any unused categories Current Financial Situation Assets: Checking account 4300 Savings account 22200 Emergency fund savings account 20500 IRA balance 26000 Car (Jamie Lee) 10000 Gross Income (Jamle Lee) 50000 Net income after taxes (Jamle Lee) 37500 Gross Income (Ross) 75000 Net income after taxes (Ross) 64000 Monthly Expenses Student loan balance 0 Credit card balance 2000 Car loans 6000 Oringinal purchase price of home 273,000 Mortgage 1225 Property taxes and insurance 500 Utilities 195 Food 400 Gas/maintenance 275 Credit card payment 250 Car loan payment 289 Entertainment 300