The executor of the Estate of Kate Tweed discovered the following assets (at fair value): 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.
Funeral expenses of $26,000 were paid.
Prepare the journal entry to record the transaction.

Question

The executor of the Estate of Kate Tweed discovered the following assets (at fair value):  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.
Funeral expenses of $26,000 were paid.
Prepare the journal entry to record the transaction.

Quizplus · Accepted Answer

The Answer of The executor of the Estate of Kate Tweed discovered the following assets (at fair value):  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.
Funeral expenses of $26,000 were paid.
Prepare the journal entry to record the transaction.

The Executor of the Estate of Kate Tweed Discovered the Following