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4. COMPUTE: Inheritance of brother 5. COMPUTE: Inheritance of girlfriend (mother of child) 6. COMPUTE: Inheritance of son

4. COMPUTE: Inheritance of brother 5. COMPUTE: Inheritance of girlfriend (mother of child) 6. COMPUTE: Inheritance of son

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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4. COMPUTE: Inheritance of brother

5. COMPUTE: Inheritance of girlfriend (mother of child)

6. COMPUTE: Inheritance of son

GIVEN: • Decedent - single and a legitimate child • Died - June 2021 No last will and testament (INTESTATE) Survived by - father, brother, sister, live-in girlfriend, 2-yr old son (acknowledged) Properties/Rights/Obligations at the time of death: Description FV at death Various tangible properties Intangibles Unpaid mortgages on tangible properties Unpaid real property taxes Estate tax to be paid by the estate P25,000,000 2,000,000 3,000,000 200,000 100,000
Transcribed Image Text:GIVEN: • Decedent - single and a legitimate child • Died - June 2021 No last will and testament (INTESTATE) Survived by - father, brother, sister, live-in girlfriend, 2-yr old son (acknowledged) Properties/Rights/Obligations at the time of death: Description FV at death Various tangible properties Intangibles Unpaid mortgages on tangible properties Unpaid real property taxes Estate tax to be paid by the estate P25,000,000 2,000,000 3,000,000 200,000 100,000
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