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.
Title to the residence was conveyed to Louis Tweed.
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.
Title to the residence was conveyed to Louis Tweed.
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.
Title to the residence was conveyed to Louis Tweed.
Prepare the journal entry to record the transaction.

The Executor of the Estate of Kate Tweed Discovered the Following