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Jerry Tasch's will has the following provisions: $195,000 in cash goes to Thomas Thorne. All shares of Coca-Cola go to Cindy Phillips. Residence goes to
Jerry Tasch's will has the following provisions: $195,000 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 Interest receivable Life insurance policy Residence Shares of Coca-Cola Company Shares of Polaroid Corporation Shares of Ford Motor Company 89,000 6,900 390,000 290,000 59,000 119,000 185,000 b. Collected interest of $8,800 c. Paid funeral expenses of $29,000. d. Discovered debts of $49,000. e. Located an additional savings account of $21,000. f. Conveyed title to the residence to Kevin Simmons. g. Collected life insurance policy. h. Discovered additional debts of $69,000. Paid debts totaling $118,000. i. Conveyed cash of $195,000 to appropriate beneficiary. j. Sold the shares of Polaroid for $130,000 k. Paid administrative expenses of $19,000. 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.) View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 12 > Record property held by Jerry Tasch at death. Note: Enter debits before credits. Transaction General Journal Debit Credit a. Record entry Clear entry View general journal
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