You Are Serving as the Trustee for the Paul Porter

You are serving as the trustee for the Paul Porter testamentary income trust.The trust was created by Paul's will.All of his assets were transferred to the trust to cover the living expenses of his wife,Paula.Upon her death,the assets are to be sold,with the proceeds distributed to his brother,Saul.If Saul is not alive when Paula passes,the proceeds are to go to the Porter Scholarship in Business Administration.
The probate court has ruled that all personal effects and household items could be excluded from the estate.All taxes have been paid,and the following assets remain to be transferred to the trust:
$\begin{array}{lcc}\text { Asset } & \text { Cost } & \text { Fair Market Value } \\\text { Cash } & \$ 160,000 & \$ 160,000 \\\text { Certificates of deposit } & 75,000 & 75,000 \\\text { ExTech Company common stock } & 22,000 & 216,000 \\\text { Rentall common stock } & 42,000 & 40,000 \\\text { Lake house (his share) } & 149,000 & 170,000 \\\text { Personal residence (his share) } & 226,000 & 280,000 \\\text { Antique sports car } & 35,000 & 46,000 \\\text { Coin collection } & 7,000 & 12,000\end{array}$
Required:
Prepare the journal entries for the creation of the trust.