Ali Sung died of illness on July 1, 2014. Before passing away, he had appointed his...

   

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Ali Sung died of illness on July 1, 2014. Before passing away, he had appointed his son, Deeja Sung, as the executor of his estate. Ali left a will as follows: Specific devises Villa in Bali for his son, Deeja Sung Villa in Raja Ampat for her daughter, Gujarati Singh 2011 Lamborghini for his grandson, Anjat Sung Stock investments for his granddaughter, Anjit Singh Miscellaneous personal effects for his widow, Panjeet Sung General devises of cash Deeja Sung, for administration fee Hambatti, Ali Sung's personal assistant $50,000 80,000 120,000 100,000 $5,000 50,000 Any excess of income over expense during the administration is to be split equally between Ali's widow and his personal assistant. All remaining assets are to be placed in a trust to support his widow for the rest of her lifetime. If Panjeet dies, the remainder of the estate is to be divided equally between Ali's son, daughter, grandson, and granddaughter. The following is Deeja's estate inventory filed with the court on August 1, 2014: Ali Sung, Testator Inventory of Estate Assets As of the date of Death on July 1, 2014 Submitted by Deeja Sung, executor, on August 1, 2014 Property Description Cash and savings accounts in Hinduin Bank Certificate of deposit (5 percent, 2 years, accrued interest $5,000) Stocks held by Gandhi brokerage Dividends receivable on stock Villa in Bali Villa in Raja Ampat 2011 Lamborghini Personal effects $500,000 450,000 150,000 10,000 50,000 80,000 120,000 $1.360,000 The following events occurred in July and August 2014: July 25 Received a dividend check of $10,000 July 27 Received an interest check of $10,000 including the accrued interest Paid hospital bill of $5,000 July 30 July 31 Paid $3,000 funeral expenses for Ali July 31 Paid $150 each for repairs of both villas July 31 July 31 August 1 August 15 August 20 August 25 Paid $1,000 each as ownership transfer costs for both villas Cashed out the certificate of deposit early, settled the early withdrawals fees to the remaining interest Filed the estate inventory Distributed the general property devises Distributed the general cash devises Closed the accounts, finalizing the estate administration, and transferred remaining assets to Panjeet Sung trust EQUIRED: Prepare the journal entries needed for all the transactions above. Ali Sung died of illness on July 1, 2014. Before passing away, he had appointed his son, Deeja Sung, as the executor of his estate. Ali left a will as follows: Specific devises Villa in Bali for his son, Deeja Sung Villa in Raja Ampat for her daughter, Gujarati Singh 2011 Lamborghini for his grandson, Anjat Sung Stock investments for his granddaughter, Anjit Singh Miscellaneous personal effects for his widow, Panjeet Sung General devises of cash Deeja Sung, for administration fee Hambatti, Ali Sung's personal assistant $50,000 80,000 120,000 100,000 $5,000 50,000 Any excess of income over expense during the administration is to be split equally between Ali's widow and his personal assistant. All remaining assets are to be placed in a trust to support his widow for the rest of her lifetime. If Panjeet dies, the remainder of the estate is to be divided equally between Ali's son, daughter, grandson, and granddaughter. The following is Deeja's estate inventory filed with the court on August 1, 2014: Ali Sung, Testator Inventory of Estate Assets As of the date of Death on July 1, 2014 Submitted by Deeja Sung, executor, on August 1, 2014 Property Description Cash and savings accounts in Hinduin Bank Certificate of deposit (5 percent, 2 years, accrued interest $5,000) Stocks held by Gandhi brokerage Dividends receivable on stock Villa in Bali Villa in Raja Ampat 2011 Lamborghini Personal effects $500,000 450,000 150,000 10,000 50,000 80,000 120,000 $1.360,000 The following events occurred in July and August 2014: July 25 Received a dividend check of $10,000 July 27 Received an interest check of $10,000 including the accrued interest Paid hospital bill of $5,000 July 30 July 31 Paid $3,000 funeral expenses for Ali July 31 Paid $150 each for repairs of both villas July 31 July 31 August 1 August 15 August 20 August 25 Paid $1,000 each as ownership transfer costs for both villas Cashed out the certificate of deposit early, settled the early withdrawals fees to the remaining interest Filed the estate inventory Distributed the general property devises Distributed the general cash devises Closed the accounts, finalizing the estate administration, and transferred remaining assets to Panjeet Sung trust EQUIRED: Prepare the journal entries needed for all the transactions above.

Answer rating: 100% (QA)

July 25 Dividend income received Debit Cash 10000 Credit Dividend Income 10000 July 27 Interest inco... View the full answer