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philip southerly purchases a joint and survivor annuity providing for payments of $200 per month...

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Accounting

philip southerly purchases a joint and survivor annuity providing for payments of $200 per month for his life and, after his death, $100 per month for his wife's life. As of the annuity starting date he is 70 years old and his wife is 67. the annuity cost Philip $28,000. Determine the exclusion ratio for the annuity Philip purchased and the amount of the pension to be included in gross income

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