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Terrance is age 71 and retired. Beginning in 2020, he must start taking minimum distributions...

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Accounting

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Terrance is age 71 and retired. Beginning in 2020, he must start taking minimum distributions from his IRA account that had a balance of $110,000 as of December 31, 2019. Make these three assumptions: his IRA will earn 8% per year, he will withdraw the minimum distribution on the last day of each calendar year, and only one distribution will be taken in 2020. Required: Calculate the amount of his distribution for years 2020 through 2024 and the ending balance in his IRA account on December 31 2024. Use Table Table III and Table V. (Round "Applicable Life Expectancy" answers to 1 decimal place and other answers to nearest whole dollar value. Use these answers in subsequent computations.) Year (2) IRA Balance At Applicable End of Prior Life Expectancy (3) Required Distribution (4) IRA Earnings (5) Ending Balance Year 2020 2021 2022 2023 2024

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