FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Transcribed Image Text:Lane is single and has two dependent children. Financial records show the following items in
the current year:
Gift from a friend
Dividends received on stock
$12,000
$1,200
$1,000
$35,000
$6,000
$12,000
Price won in state lottery
Salary from employer
Child support received from ex-spouse
Alimony received from ex-spouse
How much is Lane's adjusted gross income for the current year?
a. $47,000.
b. $48,200.
c. $49,200.
d. $67,200.
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