The executor of the Estate of Kate Tweed discovered the following assets (at fair value): Cash$104,000 Interest receivable 7,800 Life Insurance policy 390,000 Residence 260,000 Shares of PepsiCo 65,000 Shares of Apple 143,000 Shares of Kenyan Lake 182,000 ??The will of Kate Tweed had the following provisions:? $195,000 in cash went to Victor Vickery. ? All shares of PepsiCo went to Duchess Doyle. ? 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.?Additional debts of $78,000 were discovered. Debts totaling $130,000 were paid. Prepare the journal entry to record the transaction.
What will be an ideal response?
| Debts of the Decedent | $ | 130,000 | ||||
| Cash - Principal | $ | 130,000 | ||||
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What are the obligations involved in providing credit information?
Answer the following statement(s) true (T) or false (F)
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