Sophia purchased a variable annuity contract with $85,000 purchase payment. Surrender charges begin with 5 percent in the first year and decline by 1 percent each year. In addition, Sophia can withdraw 8 percent of her contract value each year without paying surrender charges. In the first year, Sophia needed to withdraw $12,700. Assume that the contract value had not increased or decreased because of investment performance. What was the surrender charge Sophia had to pay?

As a result of a thorough physical inventory, waterway company determined that it had inventory worth $320200 at december 31, 2020. this count did not take into consideration the following facts: walker consignment currently has goods worth $47400 on its sales floor that belong to waterway but are being sold on consignment by walker. the selling price of these goods is $75900. waterway purchased $21900 of goods that were shipped on december 27, fob destination, that will be received by waterway on january 3. determine the correct amount of inventory that waterway should report.