Solved: He exchanges the contract for an annuity contract from hij, Accounting Basics

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He exchanges the contract for an annuity contract from hij

Question - Ziggy Taranova has a life insurance contract from HIJ insurance company Co.He paid total premium of $20,000 and the contract has a cash surrender value of $45,000. He exchanges the contract for an annuity contract from HIJ of equal value. He recognizes income transfer equal to what amount?

a. 0

b. 20,000

C. 25,000

D. 45,000

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Accounting Basics: He exchanges the contract for an annuity contract from hij

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Accounting Basics: He exchanges the contract for an annuity contract from hij

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