Prepare the journal entry or entries required for each of the following inde-pendent items:
a. The executor discovered a coin collection worth $500.
b. The executor received payment of the decedent's life insurance policy for $40,000.
c. The executor received bond interest of $5,000, of which $1,000 related to a period before the decedent's death.
d. The executor paid personal liabilities of the decedent totaling $2,500.
e. The executor paid estate taxes of $7,000.
f. A portion of the estate's bonds were sold to raise cash. The proceeds were $15,000; the decedent's cost was $17,000. The value of the bonds at the time of the decedent's death was $14,000.
g. Income taxes relating to estate income, totaling $3,000, were paid.
h. The executor made a cash distribution of $9,000 to the income beneficiary.
i. The executor transferred $45,000 of principal cash to the trustee.
j. The trustee's fee of $400 was paid.
k. Income taxes relating to a gain on the sale of principal assets, totaling $6,000, were paid.
l. The trustee paid $1,800 in legal fees relating to defending title to the trust's assets.
m. Interest expense of $7,200 was paid on the mortgage relating to the apartment house held by the trust.
n. A business in which principal is invested reported a loss of $8,500 for the year.
o. The trustee received a loan prepayment fee of $500 relating to a loan made by the trustee.
p. Depreciation expense of $3,600 was recorded on trust assets with simultaneous settlement being made.
q. Major unexpected repairs totaling $4,200 were paid out of trust principal. These repairs should benefit the next seven years, counting the current year.

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The Answer of Prepare the journal entry or entries required for each of the following inde-pendent items:
a. The executor discovered a coin collection worth $500.
b. The executor received payment of the decedent's life insurance policy for $40,000.
c. The executor received bond interest of $5,000, of which $1,000 related to a period before the decedent's death.
d. The executor paid personal liabilities of the decedent totaling $2,500.
e. The executor paid estate taxes of $7,000.
f. A portion of the estate's bonds were sold to raise cash. The proceeds were $15,000; the decedent's cost was $17,000. The value of the bonds at the time of the decedent's death was $14,000.
g. Income taxes relating to estate income, totaling $3,000, were paid.
h. The executor made a cash distribution of $9,000 to the income beneficiary.
i. The executor transferred $45,000 of principal cash to the trustee.
j. The trustee's fee of $400 was paid.
k. Income taxes relating to a gain on the sale of principal assets, totaling $6,000, were paid.
l. The trustee paid $1,800 in legal fees relating to defending title to the trust's assets.
m. Interest expense of $7,200 was paid on the mortgage relating to the apartment house held by the trust.
n. A business in which principal is invested reported a loss of $8,500 for the year.
o. The trustee received a loan prepayment fee of $500 relating to a loan made by the trustee.
p. Depreciation expense of $3,600 was recorded on trust assets with simultaneous settlement being made.
q. Major unexpected repairs totaling $4,200 were paid out of trust principal. These repairs should benefit the next seven years, counting the current year.

Prepare the Journal Entry or Entries Required for Each of the Following