The executor of Danny Mack's estate has listed the following properties at fair value: Cash $200,000, Life Insurance Receivable $500,000, Investment in Stocks and Bonds $50,000, Rental Property $100,000, and Personal Property $80,000. Additionally, the executor found $100,000 of various debts incurred before the decedent's death. The cost of Danny Mack's funeral was $20,000.Prepare the journal entry to record the distribution of $4,000 to Anna Lee, an income beneficiary.
What will be an ideal response?
Legacy-Anna Lee | $ | 4,000 | ||||
Cash-Income | $ | 4,000 | ||||
You might also like to view...
By 2050, ________ will be an estimated 15 percent of the U.S. population
A) African Americans B) Asians C) Hispanics D) Native Americans E) Native Hawaiians
________ are wholesalers who serve grocery and drug retailers, mostly in nonfood items. They price the goods, keep them fresh, set up point-of-purchase displays, and keep inventory records
A) Purchasing agents B) Rack jobbers C) Drop shippers D) Cash-and-carry wholesalers E) Manufacturers' agents
Which of the following types of vertical marketing systems is the LEAST likely to experience channel conflict?
A. franchise system B. retailer-sponsored cooperative C. corporate vertical marketing system D. administered vertical marketing system E. wholesaler-sponsored voluntary chain
If a $1,000 convertible bond may be converted into 25 shares, the exercise price is $50 a share.?
Answer the following statement true (T) or false (F)