Problem

Jerry Tasch’s will has the following provisions:• $150,000 in cash goes to Thomas Thorne.•...

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

$ 80,000

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

Share, 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 SI5O,ooo to appropriate beneficiary.

j. Sold the shares of Polaroid for $112,000.

k. Paid administrative expenses of $10,000.

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