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ADAM RECEIVED $50,000 OF LIFE INSURANCE PAYABLE BECAUSE OF HIS WIFE'S DEATH. HE AGREED TO...

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Accounting

ADAM RECEIVED $50,000 OF LIFE INSURANCE PAYABLE BECAUSE OF HIS WIFE'S DEATH. HE AGREED TO RECEIVE FIVE ANNUAL PAYMENTS OF $12,000 EACH. HOW MUCH OF EACH PAYMENT RECEIVED IS INTEREST INCOME.

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