Sam died on january 15, 2010 and left his wife, terry, an insurance policy with a face value of $100,000. terry elected to receive the proceeds over a 10-year period ($10,000 plus interest each year). this year terry receives $11,500 ($10,000 proceeds plus $1,500 interest) from the insurance company. how much income must terry report from this payment?

Which of the following statements are false regarding activity-based costing? non-manufacturing costs are important to include when calculating the cost of each product. costs are allocated based on a pre-determined overhead rate. transitioning from traditional costing methods to activity-based costing can be complicated and costly. activity-based costing follows the same basic calculation methods as traditional costing approaches. none of the above