Your client owns a condominium that they purchased for $460,000 in 2011. It is assessed for real estate tax purposes at $506,000, and its replacement value for insurance purposes in now $580,000. The property was just appraised and has a current fair market value of $550,000. The original loan for the condo was $360,000, and the current loan balance is $238,500. The monthly payment is $1,518. How would this property be accurately reflected on a net worth statement? 4 $550.000 asset 7. $1,518 liability 1. $460,000 asset 2 $506,000 asset 5. $360,000 liability 6. $238,500 liability 3. $580,000 asset 4 and 6 O 3,5, and 7 O2 and 5 1 and 5 4.6, and 7
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