Tommys homeowners policy had an 80000 deductible clause for, Ask an Expert

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During 2013, Tommy's home was burglarized. Tommy had the following items stolen.
• A block of securities worth $20,000. Tommy purchased of securities three years ago for $8,000.
• A block of securities worth $30,000. Tommy purchased the securities for $24,000 two years ago.
Tommy's homeowners policy had an $80,000 deductible clause for thefts. How much is Tommy's theft loss for 2013?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M946380

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