The following information pertains to an insurance policy that Barton owns on his life:
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|
Face amount |
$100,000 |
|
Accumulated premiums paid up to December 31, 2007 |
8,000 |
|
Cash value at December 31, 2007 |
12,000 |
|
Policy loan |
3,000 |
In Barton’s personal statement of financial condition at December 31, 2007, what amount should be reported for the investment in life insurance?
- $97,000
- $12,000
- $ 9,000
- $ 8,000