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On December 24 of the current year, Louise is given a certificate by her employer entitling her to $1,500 worth of lodging at a Vail Village resort. The certificate states that it represents a "thank you" for graciously taking care of some client problems that were beyond the scope of normal business activities. The certificate is nontransferable. How much gross income must Louise recognize in the current year due to the certificate? Explain.
Median
The middle value in a sorted list of numbers, effectively dividing the data into two equal halves.
Midrange
A statistical measure that represents the halfway point between the smallest and largest values in a dataset.
Population Mean
The average of a set of characteristics or values within an entire population.
Midrange
The statistical measure calculated by adding the highest and lowest values in a dataset and then dividing by two, indicating the midpoint of the data range.
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