Scribd
Upload
32 views1 page

Solutiondone 2-456

The executor of Rose Shield's estate listed various properties at fair value including cash ($300,000), life insurance receivable ($200,000), investments in stocks and bonds ($100,000), rental property ($90,000), and personal property ($130,000). The document then provides a series of transactions that occurred after her death including paying claims and debts, receiving interest income, repairs to rental property, selling stocks, collecting rental income, distributing cash to beneficiaries, collecting life insurance proceeds, and paying funeral expenses.

Uploaded by

trilocksp Singh
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
32 views1 page

Solutiondone 2-456

The executor of Rose Shield's estate listed various properties at fair value including cash ($300,000), life insurance receivable ($200,000), investments in stocks and bonds ($100,000), rental property ($90,000), and personal property ($130,000). The document then provides a series of transactions that occurred after her death including paying claims and debts, receiving interest income, repairs to rental property, selling stocks, collecting rental income, distributing cash to beneficiaries, collecting life insurance proceeds, and paying funeral expenses.

Uploaded by

trilocksp Singh
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
You are on page 1/ 1

The executor of Rose Shield s estate listed the following

properties
The executor of Rose Shield’s estate listed the following properties (at fair value):Cash . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $300,000Life insurance receivable . . . . . . . . . . . . . . . . .
. . . . . . . 200,000Investments in stocks and bonds . . . . . . . . . . . . . . . . . . 100,000Rental
property . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90,000Personal property . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . 130,000a. Prepare journal entries to record the property held by Ms. Shield’s
estate and then each of the following transactions that occur in the months following the
decedent’s death:(1) Claims of $80,000 are made against the estate for various debts incurred
before the decedent’s death.(2) Interest of $12,000 is received from bonds held by the estate.
Of this amount, $5,000 had been earned prior to death.(3) Ordinary repairs costing $6,000 are
made to the rental property.(4) All debts ($80,000) are paid.(5) Stocks recorded in the estate at
$16,000 are sold for $19,000 cash.(6) Rental income of $14,000 is collected. Of this amount,
$2,000 had been earned prior to the decedent’s death.(7) Cash of $6,000 is distributed to Jim
Arness, an income beneficiary.(8) The proceeds from the life insurance policy are collected and
the money is immediately distributed to Amanda Blake as specified in the decedent’s will.(9)
Funeral expenses of $10,000 are paid.b. Prepare in proper form a charge and discharge
statement.View Solution: The executor of Rose Shield s estate listed the following properties
SOLUTION-- http://solutiondone.online/downloads/the-executor-of-rose-shield-s-estate-listed-
the-following-properties/

Unlock answers here solutiondone.online

You might also like