Question: This is all the required information and what was provided to me. Exercise 28-15 (Algorithmic) (LO. 2) The Biltmore Trust is a simple trust. Crawford

This is all the required information and what was provided to me.

Exercise 28-15 (Algorithmic) (LO. 2) The Biltmore Trust is a simple trust. Crawford is its sole beneficiary. In the current year, the trust earns $38,475 in taxable interest and $96,188 in tax-exempt interest. In addition, the trust recognizes a $5,475 long-term capital gain. The trustee assesses a fee of $24,047 for the year. a. Compute trust accounting income, where the trust agreement allocates fees and capital gains to corpus. b. Compute trust accounting income, where the trust agreement allocates fees to income. 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,O)-IF(FEEALLOC="YES",FEES,0) ACCTGINC=TAXINT+MUNIINT-IF(CGALLOC="YES", CAPGAIN,O)+IF(FEEALLOC="YES",FEES,O) Check My Work 5 more Check My Work uses remaining.

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