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Jennifer purchased a home for $1,000,000 in 2016. She paid $200,000 cash and borrowed the...

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Accounting

Jennifer purchased a home for $1,000,000 in 2016. She paid $200,000 cash and borrowed the remaining $800,000. This is Jennifer's only residence. Assume that in year 2024, when the home had appreciated to $1,500,000 and the remaining mortgage was $600,000, interest rates declined, and Jennifer refinanced her home. She borrowed $1,000,000 at the time of the refinancing, paid off the first mortgage, and used the remainder for purposes unrelated to the home. What is her total amount of acquisition indebtedness

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