The executor of Danny Mack's estate has listed the following properties at fair value: Cash $200,000, Life Insurance Receivable $500,000, Investment in Stocks and Bonds $50,000, Rental Property $100,000, and Personal Property $80,000. Additionally, the executor found $100,000 of various debts incurred before the decedent's death. The cost of Danny Mack's funeral was $20,000.
-Prepare the journal entry to record interest of $5,000 that was earned on the bonds of the estate.Of this amount, $2,000 had been earned prior to death.

Question

Quizplus · Accepted Answer

The Answer of The executor of Danny Mack's estate has listed the following properties at fair value: Cash $200,000, Life Insurance Receivable $500,000, Investment in Stocks and Bonds $50,000, Rental Property $100,000, and Personal Property $80,000. Additionally, the executor found $100,000 of various debts incurred before the decedent's death. The cost of Danny Mack's funeral was $20,000.
-Prepare the journal entry to record interest of $5,000 that was earned on the bonds of the estate.Of this amount, $2,000 had been earned prior to death.

The Executor of Danny Mack's Estate Has Listed the Following