journal entry

accounung for an estate ! 10 W You serve as the executor for the estate of Jeff Carpenter, who passed away on August 25, 2015, at the age of 102. Jeff's estate consisted of two certificates of deposit totalling $800,000 and a $15,000 balance in his check- ing account. Total accrued interest on the CDs at the date of death amounted to $7,000. Jeff left a valid will, which provided that most of the estate be inherited by his sole surviving nephew, J.J.Kara. The will further provided that $100,000 be transferred to a trust account for his faithful dog, Sooner XXV. Income from the trust would be used to care for Sooner. Upon Sooner's demise, the trust would end, and remaining trust principal would transfer to w Kara. Jeff's personal effects were minimal and excluded from the estate. Ms. Colleen Ryan, a trust officer at the Oxford National Bank, serves as estate executrix and as fiduciary for the trust. Ms. Ryan determines that no federal or state inheritance taxes are due. The limited estate income is also free from any federal or state income tax. The following transactions occur during September 2015: a On September 12, received a check in the amount of $11,500, representing the normal semiannual inter- est payment on the certificates of deposit. b On September 13, cashed out the certificates of deposit for $800,000. c On Sepieber 15, transferred $100,000 to a trust account at Oxford National Bank to provide care for Soone V. Also, on the way to the bank, Sooner was dropped off at Puppy Paradise, his new home. d On September 18, paid funeral expenses for Jeff in the amount of $7,200. e On Sep. aber 20, paid herself the $2,500 executor's fee specified in Jeff's will. f On Sepi.ber 28, finalized the estate and transferred the balance of the estate assets to Jeff's nephew