Terrance is age 71 and retired. Beginning in 2020, he must start taking minimum distributions from his IRA account that had a balance of $155,000 as of December 31, 2019. Make these three assumptions: his IRA will earn 7% per year, he will withdraw the minimum distribution on the last day of each calendar year, and only one distribution will be taken in 2020. Required: Calculate the amount of his distribution for years 2020 through 2024 and the ending balance in his IRA account on December 31, 2024. Use Table I, Table III and Table V. (Round "Applicable Life Expectancy" answers to 1 decimal place and other answers to nearest whole dollar value. Use these answers in subsequent computations.) Year (1) IRA Balance At End of Prior Year (2) Applicable Life Expectancy (3) Required Distribution (4) IRA Earnings (5) Ending Balance 2020 2021 2022 2023 2024 Age 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 Table I (Single Life Expectancy) (For Use by Beneficiaries) Life Expectancy Age 28.7 84 27.9 85 270 86 26.1 87 25.2 88 24.4 89 23.5 90 22.7 91 21.8 92 21.0 93 20.2 94 19.4 95 18.6 96 17.8 97 170 98 16.3 99 15.5 100 14.8 101 14.1 102 13.4 103 12.7 104 12.1 105 11.4 106 10.8 107 108 9.7 109 9.1 110 8.6 111 and over Life Expectancy 8.1 7.6 7.1 6.7 6.3 5.9 5.5 5.2 4.9 4.6 4.3 4.1 3.8 3.6 34 3.1 2.9 2.7 2.3 2.1 1.9 1.7 1.5 1.4 1.2 1. 10.2 1.1 1.0 m Microsoft Access for Begin Table III https://www.skillshare.com (Uniform Lifetime) (For Use by: Unmarried Owners, Married Owners Whose Spouses Are Not More Than 10 Years Younger, and Married Owners Whose Spouses Are Not the Sole Beneficiaries of Their IRAs) Age 93 94 95 Age 70 71 72 73 74 75 76 77 Distribution Period 9.6 911 8.6 8.1 7.6 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 Distribution Period 27.4 26.5 25.6 24.7 23.8 22.9 22.0 21.2 20.3 19.5 187 17.9 17.1 16.3 155 14.8 14.1 13.4 12.7 12.0 11.4 10.8 10.2 96 97 98 99 100 101 102 103 104 105 106 107 108 109 6.7 6.3 519 5.5 52 49 4.5 4.2 3.9 317 3.4 3.1 2.9 2.6 2.4 110 bolo 111 112 113 114 2.1 115 and over 1.9 AGE 5 6 7 8 9 10 11 12 13 14 15 16 17 18 MULTIPLE 10.0 9.5 8.9 8.4 7.9 7.4 6.9 6.5 6.1 5.7 5.3 50 4.7 4.4 90 619 19 20 21 22 23 24 TABLE VRDINARY LIFE ANNUITIES ONE LIFEXPECTED RETURN MULTIPLES MULTIPLE AGE MULTIPLE AGE 76.6 42 40.6 79 75.6 43 39.6 80 74.7 44 38.7 81 73.7 45 37.7 82 727 46 36.8 83 71.7 47 35.9 84 70.7 48 34.9 85 69.7 49 34.0 86 68.8 50 33.1 87 678 51 32.2 88 66.8 52 31.3 89 65.8 53 30.4 64.8 54 29.5 91 63.9 55 28.6 92 62.9 56 27.7 93 57 26.8 94 60.9 58 25.9 95 59.9 59 25.0 96 59.0 60 24.2 97 58.0 61 23 3 98 570 62 99 56.0 63 21.6 100 551 64 20.8 101 54.1 65 20.0 102 53.1 66 19.2 103 52.2. 67 18.4 104 51.2 68 17.6 105 50.2 69 16.8 106 493 70 16.0 107 48.3 71 15.3 108 47.3 72 14.6 109 46.4 73 13.9 110 45.4 74 13.2 111 44.4 75 12.5 112 43.5 76 11.9 113 42.5 77 11.2 114 41.5 78 10.6 115 25 22.5 26 27 28 29 30 an. 3.9 3.7 3.4 3.2 3.0 2.8 2:7 2.5 2.3 2.1 1.9 1.8 1.6 1.4 13 1.1 1.0 9 .8 7 31 32 33 34 35 36 37 aum 38 S... 39 40 6 41 5