Homework Answers
Ans. In 2016, Gerald loaned Main Street Bakery $52,500. In 2017, he learned that he would probably receive only $5,775 of the loan. In 2018, Gerald received $2,625 in final settlement of the loan. Gerald's possible deductions with respect to the loan for 2016, 2017 and 2018 are as follows:
| Deductions | |
| 2016 | Nil |
| 2017 | $46,725 ($52,500 - $5,775) |
| 2018 | $3,150 ($5,775 - $2,625) |
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[The following information applies to the questions
displayed below.]
Reba Dixon is a fifth-grade school teacher who earned a salary of
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Comprehensive Problem 8-84 (LO 8-1, LO 8-2, LO 8-3, LO 8-4, LO
8-5)
[The following information applies to the questions
displayed below.]
Reba Dixon is a fifth-grade school teacher who earned a salary of
$38,000 in 2018. She is 45 years old and has been divorced for four
years. She receives $1,200 of alimony payments each month from her
former husband (divorced in 2016). Reba also rents out a small
apartment building. This year Reba received $50,000 of rental
payments...
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