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Scroll down to complete all parts of this task. Pam and Ray Smith need to...

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Accounting

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Scroll down to complete all parts of this task. Pam and Ray Smith need to exclude the appropriate amounts from gross income for each item listed below. Unless specifically stated otherwise, each item was received or paid during 2020. For each item, enter the appropriate amounts to be excluded from taxable income in the associated cells. If the amount is zero, enter a zero (O). Round all amounts to the nearest whole dollar. Income items Amount 123 1. Ray received $500 under a workers compensation plan for physical injuries sustained in the course of his employment 2. Under a jury award for damages to Ray's personal reputation for libel, 12 payments of $420 each were received. The total award was $12,000 for his personal reputation and $12,000 as punitive damages, payable in 60 equal monthly installments. Each monthly payment of $420 reflects an interest component

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