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Terrance is age 71 and retired. Beginning in 2021 , he must start taking minimum...

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Accounting

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Terrance is age 71 and retired. Beginning in 2021 , he must start taking minimum distributions from his IRA account that had a balance of $195,000 as of December 31,2020 . Make these three assumptions: his IRA will earn 10% per year, he will withdraw the minimum distribution on the last day of each calendar year, and only one distribution will be taken in 2021. Required: Calculate the amount of his distribution for years 2021 through 2025 and the ending balance in his IRA account on December 31 , 2025. Use Table I, Table III, and Table V. Note: Round "Applicable Life Expectancy" answers to 1 decimal place and other answers to nearest whole dollar value. Use these answers in subsequent computations. (Uniform Lifetime) (For Use by: - Unmarried Owners, - Married Owners Whose Spouses Are Not More Than 10 Years Younger, and - Married Owners Whose Spouses Are Not the Sole Beneficiaries of Their IRAs) TABLE VRDINARY LIFE ANNUITIES ONE LIFEXPECTED RETURN MULTIPLES

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