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:

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

Cash

$$80,000$

Interest receivable

$6,000$

Life insurance policy

$300,000$

Residence

$200,000$

Shares of Coca$-$Cola Company

$50,000$

Shares of Polaroid Corporation

$110,000$

Shares of Ford Motor Company

$140,000$

Collected interest of $$7,000.$

Paid funeral expenses of $$20,000.$

Discovered debts of $$40,000.$

Located an additional savings account of $$12,000.$

Conveyed title to the residence to Kevin Simmons.

Collected life insurance policy.

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

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

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

Paid administrative expenses of $$10,000$