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Problem 5-27 (LO. 2) Ed, an employee of the Natural Color Company, suffered from a rare disease that was very expensive to treat. The local media ran several stories about Ed's problems, and the family created a website that generated more than $10,000 in gifts from individuals to help pay the medical bills. Ed's employer provided hospital and medical insurance for its employees, but the policy did not cover Ed's illness. When it became apparent that Ed could not pay all of his medical expenses, the hospital canceled the $25,000 Ed owed at the time of his death. After Ed's death, his former employer, in accordance with company policy, paid Ed's widow $12,000 in "her time of need". Ed's widow also collected $50,000 on a group term life insurance policy paid for by Ed's employer. Classify the following amounts as "Included in" or "Excluded from" the gross income of Ed and his widow. Included in/Excluded from Gross Income a. $10,000 in gifts from individuals to help pay the medical bills. Excluded from X b. The $25,000 debt canceled by the hospital. Excluded from V C. The employer's $12,000 payment to Ed's widow. Excluded from X d. The employer-paid $50,000 group term life insurance policy. Excluded from v What are Ed's and his widow's gross income from these items? $50,000 X