Given the facts of Exercise 8 Jason s estate consists of
Given the facts of Exercise 8,
Jason’s estate consists of the following assets subject to probate:
Cash .. ... .. . . .. .. .. ... .. . . .. .. . .... .. .. .. . . . . . . . .. . . .. ... .... .. . . .. . . . . .... $ 15,000
Vacant land in Colorado.................................................................................. 130,000
Investment in Merkt stock. .. .. .. . . . . . .. .... .. .... . .. . . . . .. . . . . . .. .... .. . . . . . .. 54,000
Investment in GTE stock . . .. .. .. . . . . . .. .... .. .... . .. . . . . .. . . . . . .. .... .. . . . . . .. 13,000
Dividends declared on GTE stock .. . . . .. .. .... .. ... . . .. . . . . .. . . . .. .. .... .. . . . . . 1,000
Investment in Trident bond fund.. .. . . . .. .. .... .. ... . . .. . . . . .. . . . .. .. .... .. . . . . . 40,000
Accrued interest on Trident bond fund. . .... .. .. .. .. . . . . . .. . . .. . . . .... .. .. .. . . . . . 2,000
Royalties receivable.. ... .... .. . . .. . .. .... .. .. .. . .. . . . . .. . . .. . .. .... .. . . .. . .. 17,000
(1) Prepare the charge and discharge statement that would have resulted from the above events and
(2) Prepare the entries to transfer all estate principal and income amounts to a trust for the benefit of Cody Jackson.
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