Susan has the following items for 2011:
· Loss on rental property caused by termites-$150,000.Insurance covered 80% of the loss.
· Loss on personal use automobile-$10,000.The insurance policy does not cover the first $3,000 of loss.Susan decided not to file a claim for the loss.
· Loss on a painting stolen from Susan's house.Susan purchased the painting three years ago as an investment.She paid $40,000 for the painting and it was worth $45,000 at the time of the theft.The painting was insured for the fair market value.
· Salary-$40,000.

Question

Quizplus · Accepted Answer

The Answer of Susan has the following items for 2011:
· Loss on rental property caused by termites-$150,000.Insurance covered 80% of the loss.
· Loss on personal use automobile-$10,000.The insurance policy does not cover the first $3,000 of loss.Susan decided not to file a claim for the loss.
· Loss on a painting stolen from Susan's house.Susan purchased the painting three years ago as an investment.She paid $40,000 for the painting and it was worth $45,000 at the time of the theft.The painting was insured for the fair market value.
· Salary-$40,000.

Susan Has the Following Items for 2011