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The will of Kate Tweed had the following provisions: $195,000 in cash went to Victor Vickery. All shares of PepsiCo went to Duchess Cash. The...
The will of Kate Tweed had the following provisions:$195,000 in cash went to Victor Vickery.All shares of PepsiCo went to Duchess Cash.The residence went to Louis Tweed.All other estate assets were to be liquidated with the resulting cash going to the Sacred Church of Liberty, Missouri.The executor of this estate discovered the following assets (at fair market value): Cash $104000 Interest receivable $7800 Life insurance policy $390000 Residence $260000 Shares of Pepsi Cola $65000 Shares of Kodak $143000 Shares of Kenyan Lake $182000Required:Prepare the journal entries for the following transactions:1) The discovery of the assets listed above.2) To record the interest collected of $9,1003) Funeral expenses of $26,000 were paid.
