Please answer questions 7-10. Thank you so much!!

Question 7 (1 point) On Apri 30, Janet, age 42, recelved a distribution from her qualifted plan of $150,000. She had an adjusted basis in the plan of $500,000 and the fair market value of the account as of Apni 30 was $625,000. Calculate the taxable amount or the distribution and any applicable penalty O1) s30,000 taxable, $3,000 tax penalty o 2) $30,000 taxable, so tax penalty. 3) $120,000 taxable, $12,000 tax penality O4) $150,000 taxable, $15,000 tax penalty Question 8 (1 point) Retirement plan participants who wish to take advantage of a qualified plan's loan provision must agree to the following restrictions on the amount of the loan and how it is repaid: O 1) Generally, a participant may borrow no more than $50.000 or one-half of the vested account balance, whichever is less acquire a participant's principal residence ) A participant is allowed to repay the loan anytime within the 5 year period 2) A participant's loan must be repaid within 5 years, unless the loan is used to O 4) Both a and b