Question: 25. Included in W. Codys assets at December 31, 2010, are the following: 2,000 shares of Dart Corporation common stock purchased in 2008 for $100,000.

25. Included in W. Cody’s assets at December 31, 2010, are the following:

2,000 shares of Dart Corporation common stock purchased in 2008 for $100,000. The market value of the stock was $80 per share at December 31, 2010.

A $500,000 whole life insurance policy having a cash value of $72,000 at December 31, 2010, subject to a $30,000 loan payable to the insurance company.

In Cody’s December 31, 2010 personal statement of financial condition, the above assets should be reported at

a. $232,000

b. $202,000

c. $172,000

d. $142,000

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