A retail store insures its business personal property, inclu…

A retail store insures its business personal property, including merchandise, under a BPP with the Value Reporting Form. The limit of insurance is $250,000, and the deductible is $1,000. On November 24, a fire covered peril. destroyed the store and all its personal property. The store’s last report of values was $190,000 and was made on time, on October 31. The last report of values was $161,500, and therefore underreported the actual value of $190,000 on hand as of the time of the last report. Under these circumstances, how much would the insured store collect for the $235,000 loss?