I do not want a handwritten answer. The executor of Gina Purcell's estate has recorded...
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Accounting
I do not want a handwritten answer.
The executor of Gina Purcell's estate has recorded the following information:
Assets discovered at death (at fair value):
Cash
$770,000
Life insurance receivable
285,000
Investments:
Walt Disney Company
28,000
Polaroid Corporation
44,000
Ford Motor Company
51,000
Dell Inc.
49,000
Rental property
470,000
Cash outflows:
Funeral expenses
$38,000
Executor fees
29,000
Ordinary repairs of rental property
6,000
Debts
82,000
Distribution of income to income beneficiary
5,700
Distribution to charitable remainder trust
385,000
Cash inflows:
Sale of Polaroid stock
$55,500
Rental income ($7,500 earned prior to death)
18,500
Dividend income ($3,700 declared prior to death)
19,500
Life insurance proceeds
285,000
Debts of $34,000 still remain to be paid. The Dell shares have been conveyed to the appropriate beneficiary. Assume that Ms. Purcell's will stated that all executor fees are to be paid from principal.
Prepare an interim charge and discharge statement for this estate.
Answer & Explanation
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