Peter Paulson Purchased a Residence on February 19, 2010 for $180,000

question 41

Multiple Choice

Peter Paulson purchased a residence on February 19, 2010 for $180,000. On September 7, 2012, a tornado completely destroyed their home. fte home was insured for its replacement value and homes in Peter's area had appreciated greatly. He received proceeds of $420,000. How much does Peter include?

• A) $250,000
• B) $240,000
• C) $-0-
• D) $420,000
• E) None of the above

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