Elance Exams Answers PDF file

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Download PDF file of elance Zoho Creator Exam Answers
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Joe deposits $10,000 in a savings account. He is supposed to leave the money there for one year and will receive $11,000. He is forced to take the money out of the account early. The interest on the day of withdrawal was computed as $710. However, he was charged a penalty of $200 because of the early withdrawal and only received $10,510. Which of the following is true?

He should report interest revenue of $800.
He should report interest revenue of $510.
He should report interest revenue of $1,000 and a deduction for adjusted gross income of $200.
He should report interest revenue of $710 and a deduction for adjusted gross income of $200.
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