Sam and ann hoyt filed a joint federal income tax return for the calendar year 2019. among the hoyts’ cash receipts during 2019 was the following: $6,000 first installment on a $75,000 life insurance policy payable to ann in annual installments of $6,000 each over a 15-year period, as beneficiary of the policy on her uncle, who died in 2018. what portion of the $6,000 installment on the life insurance policy is excludable from 2019 gross income in arriving at the hoyts’ adjusted gross income?
a. $6,000
b. $1,000
c. $0
d. $5,000

Vintage fun reproduces oldminusfashioned style roller skates and skateboards. the annual production and sales of roller skates is 950 units, while 1,750 skateboards are produced and sold. the company has traditionally used direct labor hours to allocate its overhead to products. roller skates require 2.5 direct labor hours per unit, while skateboards require 1.25 direct labor hours per unit. the total estimated overhead for the period is $114,300. the company is looking at the possibility of changing to an activityminusbased costing system for its products. if the company used an activityminusbased costing system, it would have the following three activity cost pools: the overhead cost per skateboard using the traditional costing system would be closest to: a. $9.31. b. $65.31. c. $25.05. your answer is not correct. d.