Jerry Tasch’s will has 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 . . . . . . . . . . . . . . . . . . . . $ 80,000Interest receivable . . . . . . . . . . . 6,000Life insurance policy . . . . . . . .300,000Residence . . . . . . . . . . . . . . . . 200,000Shares of Coca-Cola Company . . . . . . . . . . . . . . . . . 50,000Shares of Polaroid Corporation . . . . . . . . . . . . . . . . . 110,000Shares 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.
Jerry Tasch’s will has 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
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.
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