Assignment
Jerry Tasch's will has the following provisions:
• $175,000 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.
a. Discovered the following assets (at fair value):
Cash $ 85,000
Interest receivable 6,500
Life insurance policy 350,000
Residence 250,000
Shares of Coca-Cola Company 55,000
Shares of Polaroid Corporation 115,000
Shares of Ford Motor Company 165,000
b. Collected interest of $8,000.
c. Paid funeral expenses of $25,000.
d. Discovered debts of $45,000.
e. Located an additional savings account of $17,000.
f. Conveyed title to the residence to Kevin Simmons.
g. Collected life insurance policy.
h. Discovered additional debts of $65,000. Paid debts totaling $110,000.
i. Conveyed cash of $175,000 to appropriate beneficiary.
j. Sold the shares of Polaroid for $122,000.
k. Paid administrative expenses of $15,000.
Prepare journal entries for the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Transaction 1: Record property held by Jerry Tasch at death.
Transaction 2: Record interest collected
Transaction 3: Record funeral expenses paid
Transaction 4: Record debts discovered
Transaction 5: Record assets subsequently discovered
Transaction 6: Record conveyance of title to the residence to Kevin Simmons.
Transaction 7: Record collection of Life insurance policy.
Transaction 8: Record payments of debts of decedents.
Transaction 9: Record debts discovered
Transaction 10: Record conveyance of cash to Thomas THorne.
Transaction 11: Record sale of shares of Polaroid
Transaction 12: Record administrative expenses.
Prepare journal entries for the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)