After the death of Lennie Pope, his will was read. It contained the following provisions:

$$130,000$ in cash goes to decedent$$s brother, Ned Pope.

Residence and other personal property go to his sister, Sue Pope.

Proceeds from the sale of Ford stock go to his uncle, Harwood Pope.

$$440,000$ goes into a charitable remainder trust.

All other estate assets are to be liquidated with the cash going to Victoria Jones.

Required:

Prepare journal entries for the following transactions that subsequently occur:

Discovered the following assets $($at fair value$)$:

Cash $ $39,000$

Certificates of deposit $104,000$

Dividends receivable $5,500$

Life insurance policy $575,000$

Residence and personal effects $595,000$

Shares of Ford Motor Company $97,000$

Shares of Xerox Corporation $104,000$

Collected life insurance policy.

Collected dividends of $$9,000.$

Discovered debts of $$96,000.$

Conveyed title to the residence to Sue Pope along with the decedent$$s personal effects.

Discovered title to land valued at $$40,000.$

Discovered additional debts of $$62,000.$ Paid all of the debts totaling $$158,000.$

Paid funeral expenses of $$56,000.$

Conveyed cash of $$130,000$ to Ned Pope.

Sold the shares of Ford for $$118,500.$

Paid administrative expenses of $$41,000.$

Made the appropriate payment to Harwood Pope.

Prepare a charge and discharge statement.

Answer rating: 100% (QA)

Journal Entries 1 Assets Discovered Debit Cash 39000 Debit Certificates of Deposit 104000 Debit Divi... View the full answer