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

Shares of Ford . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .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.