finance Jerry Tasch’s will include the following provisions:
- $150,000 in cash goes to Thomas Thorne.
- All shares of Coca-Cola go to Cindy Phillips.
- Residence goes to Kevin Simmons.
- All other estate assets are to be liquidated with the resulting cash going to the First Church of Freedom, Missouri.
Prepare journal entries for the following transactions:
*a.* Discovered the following assets (at fair value):
| | |
| Cash |$ 80,000 |
| Interest receivable | 6,000 |
| Life insurance policy | 300,000 |
| Residence | 200,000 |
| Shares of Coca-Cola Company | 50,000 |
| Shares of Polaroid Corporation | 110,000 |
| Shares of Ford Motor Company | 140,000 |
*b.* Collected interest of $7,000.
*c.* Paid funeral expenses of$20,000.
*d.* Discovered debts of $40,000.
*e.* Located an additional savings account of$12,000.
*f.* Conveyed title to the residence to Kevin Simmons.
*g.* Collected life insurance policy.
*h.* Discovered additional debts of $60,000. Paid debts totaling$100,000.
*i.* Conveyed cash of $150,000 to appropriate beneficiary.
*j.* Sold the shares of Polaroid for$112,000.
*k.* Paid administrative expenses of $10,000. politics of the united states 1st Edition•ISBN: 9781938168178Glen Krutz 11th Edition•ISBN: 9781305093300 (1 more)Michael D. Reisig, Todd R. Clear 16th Edition•ISBN: 9780133905045George C. Edwards III, Martin P. Wattenberg, Robert L. Lineberry 9th Edition•ISBN: 9781337531658Christina Dejong, Christopher E. Smith, George F Cole