Exercise $28-15($Algorithmic$)($LO$.2)$

The Bildge Trust is a simple trust. Crawford is its sole beneficiary. In the current year, the trust earns $$12,550$ in taxable interest and

$$31,375$ in tax$-$exempt interest. In addition, the trust recognizes a $$4,350$ long$-$term capital gain. The trustee charges a fee of $$7,844$ for

the year.

a$.$ Compute trust accounting income, where the trust agreement allocates fees and capital gains to corpus.

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b$.$ Compute trust accounting income, where the trust agreement allocates fees to income.

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c$.$ Construct a Microsoft Excel formula that will generate the correct answer to both parts $($a$)$ and $($b$).$

ACCTGINC$=$TAXINT$+$MUNIINT$+$IF$($CGALLOC$=$"YES",CAPGAIN,$0)-$IF$($FEEALLOC$=$"YES",FEES,$0)$