You serve as the executor for the estate of Willy Rock. The following transactions occur during June 2011:
a. Willy’s estate included a municipal bond with a value of $500,000. On the date of Willy’s death, there was $4,400 of accrued but unpaid interest. On June 5, you received a check in the amount of $9,000, representing the normal semiannual interest payment.
b. Included in the specific devises of Willy’s will was a bequest to the Atlanta Animal Shelter in the amount of $100,000. 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 $100,000 to the animal shelter on June 10.
c. On June 20, you pay funeral expenses for Willy, in the amount of $16,400.
d. You receive an interest check in the amount of $3,000 from First Atlanta National Bank on June 24 and realize that an unknown investment in a certificate of deposit in the amount of $50,000 was omitted in the original inventory of estate assets, along with $1,200 of accrued interest.
REQUIRED
Prepare journal entries for the listed transactions. You can ignore estate and income taxes.