The executor of Gina Purcells estate has recorded the following information Assets discovered at death (at fair
Question:
The executor of Gina Purcells estate has recorded the following information
Assets discovered at death (at fair value)
Cash $800,000
Life insurance receivable 300,000
Investments Walt Disney Company 31,000
Polaroid Corporation 47,000
Ford Motor Company 54,000
Dell Inc 52,000
Rental property 500,000
Cash outflows Funeral expenses$41,000
Executor fees 32,000
Ordinary repairs of rental property 3,000
Debts 85,000
Distribution of income to income beneficiary 6,000
Distribution to charitable remainder trust 400,000
Cash inflows Sale of Polaroid stock$60,000
Rental income ($4,000 earned prior to death) 10,000
Dividend income ($4,000 declared prior to death) 11,000
Life insurance proceeds 300,000
Debts of $37,000 still remain to be paid
The Dell shares have been conveyed to the appropriate beneficiary Assume that Ms Purcells will stated that all executor fees are to be paid from principal.
Prepare an interim charge and discharge statement for this estate.
Expert Answer:
Calculate the amount of assets per original inventory Assets Cash Life Insurance Investments Rental ... View the full answer
