Cox transferred assets into a trust under which Smart is entitled to receive the income for life. After Smart's death, the remaining assets are to be given to Mix. In Year 1, the trust received rent of $1,000, stock dividends of $6,000, interest on certificates of deposit of $3,000, municipal bond interest of $4,000, and proceeds of $7,000 from the sale of bonds. Both Smart and Mix are still alive. What amount of the year 1 receipts should be allocated to trust principal?
a. $7000
b. $8000
c. $13,000
d. $15,000
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