You serve as the executor for the estate of Maribeth Rainy. The following transactions occur during July 2015: a The Rainy estate included a certificate

Question

63 users unlocked this solution today!

You serve as the executor for the estate of Maribeth Rainy. The following transactions occur during July 2015:
a The Rainy estate included a certificate of deposit in the amount of $600,000. On the date of death, there was $11,600 of accrued but unpaid interest. On July 15, you received a check in the amount of $15,000, representing the normal semiannual interest payment.
b Included in the specific devises of Maribeth's will was a bequest to the local symphony orchestra in the amount of $150,000. You decide that estate assets will be more than adequate to meet all obligations of the estate and to pay all specific devises, and you issue a check for $150,000 to the orchestra on July 18.
c You pay a probate court fee of $2,800 on July 24.
d On July 20, you pay funeral expenses in the amount of $12,800.
e On July 28, you receive a bill from the local hospital for costs not covered by Maribeth's insurance in the amount of $44,000. The liability was unknown and not included in your initial estate inventory.
REQUIRED:
Prepare journal entries for the listed transactions. You can ignore estate and income taxes.