Question: Please explain the correct approach for solving this general accounting question. Bansai, age 66, retires and receives a $1,450 per month annuity from his employer's

Please explain the correct approach for solving this general accounting question.

Bansai, age 66, retires and receives a $1,450 per month annuity from his employer's qualified pension plan. Bansai made $87,600 of after-tax contributions to the plan before retirement. Under the simplified method, Bansai's number of anticipated payments is 240. What is the amount includible in income in the first year of withdrawals assuming 12 monthly payments? A. $10,560 B. $12,540 C. $17,400 D. $8,220

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