Use the information in P 23-6 to prepare a charge-discharge statement for the estate of Tom Josephson for the period May 16, 2013 through June 30, 2013.

In Problem 6

Tom Josephson, Testator

Inventory of Estate Assets

As of May 16, 2013

Assets*Fair Value

Dividends receivable on stocks............................$1,200

Interest receivable on bonds.................................6,750

Life insurance-payable to the estate...................750,000

2010 Volkswagen.............................................2,600

Investments in stocks.......................................52,000

Investments in bonds......................................400,000

.............................................................$1,212,550

*The probate court allowed exclusion of Tom's personal effects.

The following transactions occurred during May and June:

June 5 Prima discovers government bonds with a face value of $200,000 in Tom's safe deposit box. The box also contains an additional life insurance policy in the amount of $50,000.

June 15 Prima receives a check from the life insurance company for $750,000.

June 16 A check for $8,000 in bond interest is received.

June 18 Prima pays funeral expenses of $4,300.

June 22 Prima cashes in the government bonds for $215,000, which includes accrued interest at the date of death. The bonds matured several years earlier and were no longer accruing interest.

June 23 Prima receives a check from the insurance company on the subsequently discovered policy for $50,000.

June 24 Prima pays $18,250 to settle all liabilities of the estate, including property taxes and Tom's medical bills.

June 28 A check for $1,600 in stock dividends is received.

June 30 Prima makes all remaining payments (including her fee as executrix) and property transfers and closes the estate.

REQUIRED:

Prepare all journal entries required to account for the estate of Tom Josephson. You may ignore taxes.