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This test has a time limit of 7 hours This test will save and submit automatically when the time expires Wamings appear when half the time. 5 minutes, 1 minute, and 30 seconds remain Timed Test Multiple Attempts Not alliowed This test can only be taken once Force Completion This test can be saved and resumed at at any point until tme has eoxpired The timer will continue to run if you leave the test Show Timer ¥ Question Completion Status: Moving to another qoston will save this response Question 43 1 points Save Jim had a car sooident in 2015 in hich hia car as complecely destzoyed. A: the tize of the acesdent, the car had a fair aketalue of 530,000 and an adjuated bais of 540,000, am used the oar 10o of the tine tor ezncoal zeceived an inaurance evesry e the value of the o‘r át the time of the accident. lt ir at ror the year i, ts, oes, atti, ti ataan ine is, et the at d 916.000 Question 43 of 100 > Mong to another question wil sa* will save this response Close Window

Explanation / Answer

ANSWER : d = $16,000

CALCULATION OF LOSS OF CAR IN ACCIDENT:

CAR ADJUSTED BASIS                                                      = $40,000

LESS: INSURANCE COVERAGE (80% OF 30,000)            =   24,000

LOSS TO JIM DUE TO ACCEDENT                                    = $16,000

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