Estate accounting Jimmy Olson died on June 15, 2013, at the age of 75, after a brief illnew.my Lois, and two adult sons, Clark and Kent. Jimmy left a valid will requesting that has for of his estate. Jimmy's widow will maintain the family residence, which was Jimmy's will provided the following specific devises 2012 Corvette to his son, Clark Summer cottage on Lake Michigan to his son Kent Stock investments to be shared equally between his two se Miscellaneous personal effects to his widow, Lois Jimmy's will also provided the following general devises of case Clark-to cover executor's services Ms. Lana Lang, Jimmy's personal trainer Jimmy's church The local symphony Orchestra Jimmy's will further provides that Lois should receive an excess of income perpa during the administration of his estate. All remaining assets are to be placed Lois for the remainder of her lifetime. Upon Lois's death, the remainder of the vided equally between Clark and Kent. Clark filed notice of his appointment as executor on June 25 and place de potential creditors in The Daily Planet, the local newspaper Clark pepared and lead the day estate inventory with the probate court on July 15: Jimmy Olson, Testator Inventory of Estate Assets As of the date of Death on June 15, 2013 Submitted by Clark Olson, Property Description Cash checking and savings accounts in Metropolis idol Bank Certificate of deposit (6 percent, 36 months, matures December 30) (includes $5,000 accrued interest Stocks held by Perry White brokerage Dividends receivable on stocks Lake Michigan cottage 2005 Corvette Personal effects The following events occurred during June and July 2013: June 22 Received a check in the amount of $15,000, representing interest on the certificates of deposit, including the amount accrued at the date of death June 24 Received a dividend check in the amount of $12.000 June 30 Paid $250 to repair a roof leak on the Lake Michigan cottage. July 4 Paid $4.900 in funeral expenses for Jimmy. July 12 Cashed out the certificate of deposit for $501.300. The additional $1,300 repro sented interest income from June 23 through July 12. The bank waived the fees for early withdrawal because Jimmy had been a loyal, long-term customer. July 15 Filed the estate inventory with the probate court. July 20 Distributed the general property devises us provided in Jimmy's will. July 21 Distributed the general cash devises as provided in Jimmy's will. Closed the accounts, finalizing the estate administration, puid remaining estate income to Lois, and transferred remaining estate assets to Lois Olson testamentary income trust. July 22 REQUIRED 1. Prepare journal entries for the transactions related to the estate during 2013. 2. Prepare entries to terminate the estate and transfer remaining assets to the trust. 3. Prepare the final charge-discharge statement for the estate of Jimmy Olson for the period June 15, 201 through July 22, 2013. Estate accounting Jimmy Olson died on June 15, 2013, at the age of 75, after a brief illnew.my Lois, and two adult sons, Clark and Kent. Jimmy left a valid will requesting that has for of his estate. Jimmy's widow will maintain the family residence, which was Jimmy's will provided the following specific devises 2012 Corvette to his son, Clark Summer cottage on Lake Michigan to his son Kent Stock investments to be shared equally between his two se Miscellaneous personal effects to his widow, Lois Jimmy's will also provided the following general devises of case Clark-to cover executor's services Ms. Lana Lang, Jimmy's personal trainer Jimmy's church The local symphony Orchestra Jimmy's will further provides that Lois should receive an excess of income perpa during the administration of his estate. All remaining assets are to be placed Lois for the remainder of her lifetime. Upon Lois's death, the remainder of the vided equally between Clark and Kent. Clark filed notice of his appointment as executor on June 25 and place de potential creditors in The Daily Planet, the local newspaper Clark pepared and lead the day estate inventory with the probate court on July 15: Jimmy Olson, Testator Inventory of Estate Assets As of the date of Death on June 15, 2013 Submitted by Clark Olson, Property Description Cash checking and savings accounts in Metropolis idol Bank Certificate of deposit (6 percent, 36 months, matures December 30) (includes $5,000 accrued interest Stocks held by Perry White brokerage Dividends receivable on stocks Lake Michigan cottage 2005 Corvette Personal effects The following events occurred during June and July 2013: June 22 Received a check in the amount of $15,000, representing interest on the certificates of deposit, including the amount accrued at the date of death June 24 Received a dividend check in the amount of $12.000 June 30 Paid $250 to repair a roof leak on the Lake Michigan cottage. July 4 Paid $4.900 in funeral expenses for Jimmy. July 12 Cashed out the certificate of deposit for $501.300. The additional $1,300 repro sented interest income from June 23 through July 12. The bank waived the fees for early withdrawal because Jimmy had been a loyal, long-term customer. July 15 Filed the estate inventory with the probate court. July 20 Distributed the general property devises us provided in Jimmy's will. July 21 Distributed the general cash devises as provided in Jimmy's will. Closed the accounts, finalizing the estate administration, puid remaining estate income to Lois, and transferred remaining estate assets to Lois Olson testamentary income trust. July 22 REQUIRED 1. Prepare journal entries for the transactions related to the estate during 2013. 2. Prepare entries to terminate the estate and transfer remaining assets to the trust. 3. Prepare the final charge-discharge statement for the estate of Jimmy Olson for the period June 15, 201 through July 22, 2013