The executor of Rose Shield’s estate listed the following properties (at fair value): Cash $ 300,000 Life insurance receivable 200,000 Investments in stocks and bonds 100,000 Rental property 90,000 Personal property 130,000 Following are the transactions that occur in the months following the decedent’s death: (1) Claims of $80,000 are made against the estate for various debts incurred before the decedent’s death. (2) Interest of $12,000 is received from bonds held by the estate. Of this amount, $5,000 had been earned prior to death. (3) Ordinary repairs costing $6,000 are made to the rental property. (4) All debts ($80,000) are paid. (5) Stocks recorded in the estate at $16,000 are sold for $19,000 cash. (6) Rental income of $14,000 is collected. Of this amount, $2,000 had been earned prior to the decedent’s death. (7) Cash of $6,000 is distributed to Jim Arness, an income beneficiary. (8) The proceeds from the life insurance policy are collected and the money is immediately distributed to Amanda Blake as specified in the decedent’s will. (9) Funeral expenses of $10,000 are paid. Prepare in proper form a charge and discharge statement.
Hello, I need help with the answers under "I credit myself with" "estate principal" there are 4 of them in total that are blank. they have a zero value. I cannot fgure them out.
The executor of Rose Shield’s estate listed the following properties (at fair value):
| Cash | $ | 300,000 | |
| Life insurance receivable | 200,000 | ||
| Investments in stocks and bonds | 100,000 | ||
| Rental property | 90,000 | ||
| Personal property | 130,000 | ||
Following are the transactions that occur in the months following the decedent’s death:
(1) Claims of $80,000 are made against the estate for various debts incurred before the decedent’s death.
(2) Interest of $12,000 is received from bonds held by the estate. Of this amount, $5,000 had been earned prior to death.
(3) Ordinary repairs costing $6,000 are made to the rental property.
(4) All debts ($80,000) are paid.
(5) Stocks recorded in the estate at $16,000 are sold for $19,000 cash.
(6) Rental income of $14,000 is collected. Of this amount, $2,000 had been earned prior to the decedent’s death.
(7) Cash of $6,000 is distributed to Jim Arness, an income beneficiary.
(8) The proceeds from the life insurance policy are collected and the money is immediately distributed to Amanda Blake as specified in the decedent’s will.
(9) Funeral expenses of $10,000 are paid.
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Prepare in proper form a charge and discharge statement.
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