Jerry Taschs will has the following provisions:

• $265,000 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.

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

Cash	$	103,000
Interest receivable		8,300
Life insurance policy		530,000
Residence		430,000
Shares of Coca-Cola Company		73,000
Shares of Polaroid Corporation		133,000
Shares of Ford Motor Company		255,000

2. Collected interest of $11,600.

3. Paid funeral expenses of $43,000.

4. Discovered debts of $63,000.

5. Located an additional savings account of $35,000.

6. Conveyed title to the residence to Kevin Simmons.

7. Collected life insurance policy.

8. Discovered additional debts of $83,000. Paid debts totaling $146,000.

9. Conveyed cash of $265,000 to appropriate beneficiary.

10. Sold the shares of Polaroid for $158,000.

11. Paid administrative expenses of $33,000.

Prepare journal entries for the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

• 1

  Record property held by Jerry Tasch at death.

• 2

  Record interest collected.

• 3

  Record funeral expenses paid.

• 4

  Record debts discovered.

• 5

  Record assets subsequently discovered.

• 6

  Record conveyance of title to the residence to Kevin Simmons.

• 7

  Record collection of Life insurance policy.

• 8

  Record debts discovered.

• 9

  Record payment of debts of decedents.

• 10

  Record conveyance of cash to Thomas Thorne.

• 11

  Record sale of shares of Polaroid.

• 12

  Record administrative expenses.