40. After the death of Lennie Pope, his will was read. It contained the following provisions:

• $110,000 in cash goes to decedent’s brother, Ned Pope.

• Residence and other personal property go to his sister, Sue Pope.

• Proceeds from the sale of Ford stock go to uncle, Flarwood Pope.

• $300,000 goes into a charitable remainder trust.

• All other estate assets are to be liquidated with the cash going to Victoria Jones.

a. Prepare journal entries for the following transactions that subsequently occur:

(1) Discovered the following assets (at fair value):

Cash.

Certificates of deposit.

Dividends receivable.

Life insurance policy.

Residence and personal effects Shares of Ford Motor Company Shares of Xerox Corporation . .

(2) Collected life insurance policy.

(3) Collected dividends of $4,000.

(4) Discovered debts of $71,000.

(5) Conveyed title to the residence to Sue Pope along with the decedent’s personal effects.

(6) Discovered title to land valued at $15,000.

(7) Discovered additional debts of $37,000. Paid all of the debts totaling $108,000.

(8) Paid funeral expenses of $31,000.

(9) Conveyed cash of $110,000 to Ned Pope.

(10) Sold the shares of Ford for $81,000.

(11) Paid administrative expenses of $ 16,000.

(12) Made the appropriate payment to Harwood Pope.

b. Prepare a charge and discharge statement.