Question: 2 0 2 4 : Gilbert is a professional arm wrestler who had an AGI this year of $ 8 , 0 0 0 he

2024: Gilbert is a professional arm wrestler who had an AGI this year of $8,000 he lives in Riverside California where torrential rains created a flood when the River overflowed its banks. The US government declared his whole County a disaster area. in an enormous rush to flee the rising waters, Gilbert carelessly backed his car out of the garage and knocked over a neighbor's motorcycle. The car that originally cost Gilbert 10,775 was repaired for $1,000; damage to the neighbor's motorcycle was $1,400. Gilbert paid both these amounts since he carried no insurance for this type of casualty. His house was spared from the deluge, but trees, shrubs and plantings on the property were heavily damaged. His homeowners insurance policy reimbursed him 11,700 for his 13,000 sustained loss and property value. The Landscaping originally caused Gilbert $15,000. ANSWER IS 500, HELP ME WITH THE CALCULATION

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!