The executor of Gina Purcell's estate has recorded the following information
Assets discovered at death (at fair value): | |
Cash | $600,000 |
Life insurance receivable | 200 ,000 |
Investments: |
|
Walt Disney Company | 11,000 |
Polaroid Corporation | 27,000 |
Ford Motor Company | 34,000 |
Dell Computer Corporation | 32,000 |
Rental property | 300,000 |
Cash outflows: |
|
Funeral expenses | $ 21,000 |
Executor fees | 12,000 |
Ordinary repairs of rental property | 2,000 |
Debts | 81,000 |
Distribution of income to income beneficiary | 4,000 |
Distribution to charitable remainder trust | 300,000 |
Cash inflows: |
|
Sale of Polaroid stock | $ 30,000 |
Rental income ($4.000 earned prior to death) | 11,000 |
Dividend income ($2,000 declared prior to death) | 12,000 |
Life insurance proceeds | 200,000 |
Debts of $17,000 still remain to be paid. The Dell shares have been conveyed to the appropriate beneficiary. Assume that Ms. Purcell’s will stated that all executor fees are to be paid from principal.
Prepare an interim charge and discharge statement for this estate.
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