Provisions for PepsiCo
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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 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 $182000
Required:
Prepare the journal entries for the following transactions:
1) The discovery of the assets listed above.
2) To record the interest collected of $9,100
3) Funeral expenses of $26,000 were paid.
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The expert examines provisions for PepsiCo.
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ANSWERS
Required 1
DR: Cash 104,000
DR: Interest receivable 7,800
DR: Life insurance ...
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