Anne purchased an annuity from an insurance company that, Financial Accounting

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Anne purchased an annuity from an insurance company that

Anne purchased an annuity from an insurance company that promised to pay her $12,000 per year for the next ten years. Anne paid $94,800 for the annuity, and in exchange she will receive $120,000 over the term of the annuity.

a. How much of the first $12,000 payment should Anne include in gross income?

b. How much income will Anne recognize over the term of the annuity?

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