39. Jerry Tasch’s will has the following provisions:

• $ 150,000 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.

Prepare journal entries for the following transactions:

a. Discovered the following assets (at fair value):

Cash.

Interest receivable.

Life insurance policy.

Residence.

Shares of Coca-Cola Company Shares of Polaroid Corporation Shares of Ford.

b. Collected interest of $7,000.

c. Paid funeral expenses of $20,000.

d. Discovered debts of $40,000.

e. Located an additional savings account of $12,000. f Conveyed title to the residence to Kevin Simmons.

g. Collected life insurance policy.

h. Discovered additional debts of $60,000. Paid debts totaling $ 100,000.

i. Conveyed cash of $ 150,000 to appropriate beneficiary.

j. Sold the shares of Polaroid for $112,000.

k. Paid administrative expenses of $ 10,000.