The International Monetary Fund is an autonomous agency that is a part of the United Nations (UN)

Which of the following statements regarding a traditional individual retirement account (IRA) is NOT correct?

A) Distributions must begin from an IRA by April 1 of the year following the IRA owner's attainment of age 70½. B) Assuming that only tax-deductible contributions were made into the IRA, 100% of distributions from it are treated as taxable income. C) IRAs are available to anyone younger than age 70½ with earned income, but deductible contributions are limited for individuals who are also covered under an employer-sponsored retirement plan. D) A 10% penalty is assessed on any distribution from an IRA before age 59½.

Kramer Iron Works signs a contract to provide three different products to a customer for a total transaction price of $325,000. Each product represents a separate performance obligation. Kramer only only sells two of the three products on an individual basis so they must estimate the standalone selling price for the third product. The information about these three products is provided in the

following table. Product Standalone Selling Price Market Competition Price Forecasted Cost A-1 $87,500 $66,500 $60,000 A-2 150,000 156,000 125,000 A-3 Not Available 100,000 65,000 Total $322,500 $250,000 Refer to Kramer Iron Works. Allocate the transaction price using the adjusted market assessment approach. What will be an ideal response?