Estate of Kate Tweed

The executor of the Estate of Kate Tweed discovered the following assets (at fair value):

Cash $104,000

Interest receivble $7,800

Life Insurance Policy $390,000

Residence $260,000

Shares of stock: Pepsi Cola $65,000; Kodak $143,000; Kenyan Lake $182,000

The will of Kate Tweed had the following provisions: $195,000 in cash went to Victor Vickery. All shares of PepsiCo went to Duchess Doyle. The residence went to Louis Tweed. All other estate assets were to be liquidated with the resulting cash going to the Sacred Church of Liberty, Missouri.

Required:

Prepare the following journal entries:

• Prepare the journal entry to record the property of the estate.

• For the Estate of Kate Tweed, interest of $9,100 was collected.

• Funeral expenses of $26,000 were paid.

• Debts of $52,000 were discovered.
• An additional savings account of $15,600 was located by the executor.

• Title to the residence was conveyed to Louis Tweed.

• The life insurance policy was collected.

• Additional debts of $78,000 were discovered. Debts totaling $130,000 were paid.

• The shares of Kodak were sold for $145,600.

• Administrative expenses of $13,000 were paid