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Cash Life insurance receivable Investments in stocks and bonds Rental property Personal property $375,000 275,000 175,000 105,000 205,000 Following are the transactions that occur in the months following the decedent's death: (1) Claims of $95,000 are made against the estate for various debts incurred before the decedent's death. (2) Interest of $27,000 is received from bonds held by the estate. Of this amount, $6,500 had been earned prior to death. (3) Ordinary repairs costing $7,000 are made to the rental property. (4) All debts ($95,000) are paid. (5) Stocks recorded in the estate at $23,500 are sold for $34,000 cash. (6) Rental income of $29,000 is collected. Of this amount, $3,000 had been earned prior to the decedent's death. (7) Cash of $7,500 is distributed to Jim Aness, 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 $25,000 are paid. a. Prepare journal entries to record the property held by Ms. Shield's estate and then each of the above transactions that occur in the months following the decedent's death: b. Prepare in proper form a charge and discharge statement. 2 of 3 go FS F6 F7 FR

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