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Homework answers / question archive / Jerry Tasch's will has the following provisions: • $170,000 in cash goes to Thomas Thorne
Jerry Tasch's will has the following provisions:
• $170,000 in cash goes to Thomas Thorne. • All shares of Coca-Cola go to Cindy Phillips. • Residence goes to Kevin Simmons. • All other estate assets are to be liquidated with the resulting cash going to the First Church of Freedom, Missouri.
a. Discovered the following assets (at fair value): Cash $ 84,000 Interest receivable 6,400 Life insurance policy 340,000 Residence 240,000 Shares of Coca-Cola Company 54,000 Shares of Polaroid Corporation 114,000 Shares of Ford Motor Company 160,000
b. Collected interest of $7,800. c. Paid funeral expenses of $24,000. d. Discovered debts of $44,000. e. Located an additional savings account of $16,000. f. Conveyed title to the residence to Kevin Simmons. g. Collected life insurance policy. h. Discovered additional debts of $64,000. Paid debts totaling $108,000. i. Conveyed cash of $170,000 to appropriate beneficiary. j. Sold the shares of Polaroid for $120,000. k. Paid administrative expenses of $14,000.
Prepare journal entries for the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)