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The QUESTION being ASKED IS #4

The results of the private investigator's (PI) work provided further bad news. The investigator began by sourcing information on Louis property holdings. The investigations reveal that in 2018 Louis had a modest property that he purchased for $180,000. He had a mortgage on that same property in the amount of $160,000. Other public records indicated that Louis owns a property that cost $540,000 and the balance on the mortgage was $368,000 in 2019. The investigator further discovered that in 2018, Louis had a car that cost $18,000 and there was a loan taken out for that car in the amount of $11,000. Louis also had $22,000 in savings with Industrial Savings Bank in 2018 and one year later, had $40,000 in savings at Industrial Savings Bank. He also has a credit card with Industrial Savings and had paid $7,500 to the bank for credit card payments in 2019. The car he currently drives cost $92,000 and the balance of the loan on that car was $53,100 in 2019. Louis's salary in 2019 included a salary of $101,300 and extra income from doing side jobs in the amount of $13,600. His living expenses have been estimated at $67,300 in 2019. By 2020, Louis had savings of $66,000 and had made credit card payments in the amount of $10,160 in that same year. He still owned the same property but the balance on the mortgage was now $292,000. He still drove the same vehicle but the loan on the vehicle was now $31,400. Louis bought a piece of land that cost $92,000 and a motorcycle that cost $10,000 in 2020. He also took his family on a trip to Jamaica at a cost of $40,000. His compensation for 2020 included a salary of $113,000 with extra income of $28,000. His living expenses were estimated at $ 74,900. 4 Using the Net Worth Method, estimate the amount of the embezzlement by Louis Litt in 2019 and 2020. (14 marks)