Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Marie Hardys will has the following provisions: I leave the cash balance deposited in the First National Bank (up to a total of $50,000) to

Marie Hardys will has the following provisions:

"I leave the cash balance deposited in the First National Bank (up to a total of $50,000) to Jack Abrams. I leave $18,000 cash to Suzanne Benton. I leave 1,000 shares of Coca-Cola Company stock to Cindy Cheng. I leave my house to Dennis Davis. I leave all of my other assets and properties to Wilbur N. Ed."

a.

Assume that the estate has the following assets: $41,000 cash in the First National Bank, $16,000 cash in the New Hampshire Savings and Loan, 800 shares of Coca-Cola stock, 1,100 shares of Xerox stock, a house, and other property valued at $13,000. What distributions will be made from this estate?(Make estate distributions in the order mentioned in the question.)

CASH Jack Abrams 41,000 N/A
CASH Suzanne Benton ??? N/A
COCA-COLA STOCK Cindy Cheng 800 SHARES
HOUSE Dennis Davis ??? N/A
OTHER PROPERTY Wilbur N. Ed ??? N/A

Assume that the estate has the following assets: $55,000 cash in the First National Bank, $6,000 cash in the New Hampshire Savings and Loan, 1,200 shares of Coca-Cola stock, 600 shares of Xerox stock, and other property valued at $22,000. What distributions will be made from this estate? (Make estate distributions in the order mentioned in the question.)

CASH Jack Abrams 50,000 N/A
CASH Suzanne Benton ??? N/A
COCA-COLA STOCK Cindy Cheng 1000 N/A
HOUSE Dennis Davis ??? N/A
OTHER PROPERTY Wilbur N. Ed ??? N/A

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions