70. 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 the property of the estate.
71. 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.
72. 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.
73. 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.
74. 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.
75. 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 the sales of the stocks and bonds for
$120,000
76. 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.
77. 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.
78. 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.
79. 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 payment of $20,000 in funeral expenses.
80. 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.