Both operating expenses and cost of goods sold (COGS) are expenditures that companies incur with running their business. However, the expenses are segregated on the income statement. Operating expenses and COGS measure different ways in which resources are spent in the process of running a company.
 
        
             
        
        
        
Answer:
B) $3,000
Explanation:
Since Laura acquired this property (stocks) by gift, her basis for loss will be $3,000 which is equal to the fair market value at the time she received the gift. If she had made a gain with this transaction, her basis for gain would have been the $4,000 of her father's basis. 
 
        
             
        
        
        
The calculated present value of the annuity is $915,166.70.
Explanation and Solution:
Annuity is a collection of fixed payments made or earned either at the close or at the beginning of any term such that a significant initial payment or receipt may be turned into a set of comparatively minor payments or receipts. An annuity that lasts indefinitely is called perpetuity.
The formula for the present value of the annuity is given by:

Where;
R = annual payment = $75,000
i = interest rate = 5.25%
P = Present value of annuity
n = number of years = 20 years
P = 
P = $915,166.70