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Chapter 23

ESTATES AND TRUSTS

Answers to Questions

1 No, trust accounting is essentially cash basis accounting. Field Code Changed

2 Income is earned on the principal amounts of estate and trust assets.
Estates frequently realize income from various investments between the
time that the property inventory is filed by the executor and the time
the estate is fully administered. A primary reason for dividing estate
principal and income is that the beneficiaries are likely to be
different. Separation of principal and income is also important for
trusts, because often a trust’s principal is to be maintained intact
until the death of the beneficiary.

3 A devise is a testamentary disposition of real or personal property.

4 If a decedent had a valid will in force at the time of death, he or she
is said to have died testate. In the absence of a valid will, the
decedent is said to have died intestate.

5 The Uniform Probate Code entitles the surviving spouse to a homestead
allowance that is exempt from and has priority over all claims against
the estate. The surviving spouse and minor children who were dependent
on the deceased are also entitled to a reasonable family allowance to be
paid out of estate property during the period in which the estate is
being administered. The family allowance is exempt from and has priority
over all claims except the homestead allowance. Allowance amounts vary
across the states.

6 Yes, the value of the estate is reduced by funeral expenses, settlements
of estate liabilities, bequests to qualified charities, a marital
deduction, state-level taxes, expenses of estate administration, and a
tax exempt amount.

7 The taxable amount of an estate is based on fair values of all estate
assets at the date of death.

8 Yes, within certain limitations. Currently any number of annual gifts of
$13,000 each can be made, with a lifetime limit of $1,000,000.

9 Income for estates and trusts and applicable tax rates are defined in
essentially the same manner as for individuals. Income includes interest
and dividends, rent, etc. Deductions and/or exemptions for estate
administration fees, charitable donations and distributions to
beneficiaries reduce taxable income. The fiduciary of the estate must
provide applicable information to the beneficiary on Schedule K-1.

10 An estate may be subject to taxation (referred to as estate or
inheritance taxes) at both the state and federal levels. Accountants and
attorneys play a vital role in estate planning to minimize these tax
burdens for their clients and heirs. Even if the federal tax is
permanently repealed, estate planning services will remain critical for
larger estates subject to state level taxation.

© 2011 Pearson Education, Inc. publishing as Prentice Hall
23-1

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23-2 Estates and Trusts
Federal taxation of estates is currently in a period of flux. The
Economic Growth and Tax Relief Reconciliation Act of 2001 proposed
reduction of the tax, and a total repeal in 2010. This law was
subsequently amended by the Tax Relief, Unemployment Insurance
Reauthorization, and Job Creation Act that was signed into law on
December 17, 2010 which provided the federal estate tax exemption
and rate for 2010-2012. This rate is only good until December
31, 2012, at which time the exemption and rate will revert to
2002 levels unless Congress acts.
11 A valid will ensures the disposition of estate assets in accordance with
the wishes of the deceased. If a valid will is not in place, assets will
be distributed in accordance with state probate laws. Preparation of a
will is also an important part of overall estate planning and can be
useful in reducing estate and inheritance taxes.

12 In addition to federal and state estate and inheritance taxes, estates
are also subject to federal (and possibly state) income taxes. An estate
is a taxable entity and is subject to tax on income earned from the date
of death until final settlement of the estate. The tax may be paid by
the estate or by the beneficiary if estate property has already been
distributed to the beneficiary.

SOLUTIONS TO EXERCISES

Solution E23-1
a Cash (+A) 9,000
Interest receivable - bonds (-A) 4,400
Estate income (R,+SE) 4,600
b Devise - Atlanta Animal Shelter (E,-SE) 100,000
Cash (-A) 100,000
c Funeral expenses (E,-SE) 16,400
Cash (-A) 16,400
d Cash (+A) 50,000
Interest receivable (+A) 1,200
Assets subsequently discovered (-A) 51,200
Cash (+A) 3,000
Interest receivable (-A) 1,200
Estate income (R,+SE) 1,800

© 2011 Pearson Education, Inc. publishing as Prentice Hall

+SE) 300.bonds (-A) 11. since no distribution has yet been made. ebooks.000 c Probate expenses (E.600 Cash (-A) 11.-SE) 12.-SE) 2.000 b No entry on this date. Inc.000 f Cash (+A) 300.000 Dividends receivable (-A) 300.800 d Funeral expenses (E.symphony orchestra (E.downloadslide.400 b Devise .800 e Estate principal (-SE) 44. c Probate court expenses (E.000 Solution E23-3 a Dividend receivable (+A) 300.-SE) 3.600 e Hospital fees and expenses (E.600 Estate income (R.000 Estate income (R.-SE) 37.800 Cash (-A) 2.+SE) 3.000 Accounts payable (+L) 44.-SE) 150.000 Cash (-A) 37.000 © 2011 Pearson Education.-SE) 11.000 Cash (-A) 150. Find more slides.com Chapter 23 23-3 Solution E23-2 a Cash (+A) 15.000 Interest receivable .800 d Funeral expenses (E.800 Cash (-A) 12. solution manual and testbank on www.800 Cash (-A) 3. publishing as Prentice Hall .

com 23-4 Estates and Trusts Solution E 23-4 Melanie Triciao.000 ViaReggio common stock 225. publishing as Prentice Hall . Prepared by Ms.000 $2. T. ebooks.000 Certificates of deposit.000 Fully restored Model T Ford 125. Testator Inventory of Estate Assets As of the date of Death on August 15.225 Savings accounts 250. solution manual and testbank on www.265.downloadslide. executor Solution E23-5 1.000 interest Personal effects* - $822. Find more slides. 2011 Description of Property Fair Value Cash in Oxford National Bank $15.500 Atlanta personal residence 430.000 accrued 807. 2011 Description of Property Fair Value Cash $ 118.000 Mercedes sports car 41.725 Submitted by K. Executrix.000 Condominium on Italian Riviera 1.951. Testator Inventory of Estate Assets As of the date of death on August 25.000 *The probate court permitted exclusion of Jeff’s personal effects from the estate inventory. Oxford National Bank © 2011 Pearson Education. Estate Inventory Jeff Carpenter. Tim.000 City of Roma municipal bonds 412. Colleen Ryan.000 Collection of rare hand puppets 85. includes $7. Inc.

200 Cash (-A) 7.200 Executrix expenses (-E.J.J.+SE) 2.000 d Funeral expenses (E. Kara (E.-SE) 7.000 Estate income (-R. publishing as Prentice Hall .500 f Devise . Find more slides.200 e Executrix expenses (E. Closing Entries Estate principal (-SE) 822.Sooner XXV trust (-E.000 Devise .-SE) 2.-SE) 4.000 Estate income (R.+SE) 4.+SE) 7. a Cash (+A) 11.J.-SE) 716.000 c Devise. Kara (-E.800 Cash (-A) 716. Inc.500 Funeral expenses (-E.bonds (-A) 7.800 3.000 Certificates of deposit (-A) 800.500 Cash (-A) 2.-SE) 100.downloadslide.000 Cash (-A) 100. ebooks.500 Devise .500 b Cash (+A) 800.+SE) 100.J.Sooner XXV trust account (E.+SE) 716.com Chapter 23 23-5 Solution E23-5 (continued) 2. solution manual and testbank on www.800 © 2011 Pearson Education.500 Interest receivable .

500 Devise paid in cash to Sooner XXV trust account 100.500 Respectfully submitted. solution manual and testbank on www.000 principal charge I credit myself for: Funeral expenses paid $ 7.500 I credit myself for: Payment of estate income to J.com 23-6 Estates and Trusts Solution E23-5 (continued) 4. August 25 to September 28. Colleen Ryan. Kara $4. Find more slides. Inc. © 2011 Pearson Education. Estate Executrix. Kara 712.J. September 28. publishing as Prentice Hall .000 Devise paid in cash to J.downloadslide. Charge-Discharge Statement Estate of Jeff Carpenter Charge-Discharge Statement For the period of estate administration. 2011 Estate principal I charge myself for: Assets included in estate inventory .000 Estate income I charge myself for: Estate income received during estate administration $4. ebooks. 2011.J.200 Executrix expenses paid 2.300 Total estate principal discharge $822.total estate $822.

000 Trust fund principal (+SE) 100. publishing as Prentice Hall .-SE) 700 Cash (-A) 700 12/31 Trust fund expenses (E. 12/31 Trust fund principal (-SE) 100.-SE) 300 Cash (-A) 300 12/16 Cash (+A) 417 Trust fund income (R.000 Cash (-A) 37 © 2011 Pearson Education.-SE) 100 Cash (-A) 100 12/31 Interest receivable (+A) 208 Trust fund income (R.Accrued interest for last ½ month.000 Trust fund income (-R.000 10/16 Cash (+A) 417 Trust fund income (R.+SE) 417 12/28 Trust fund expenses (E. ebooks.+SE) 208 .com Chapter 23 23-7 Solution E23-6 9/15 Cash (+A) 100. Find more slides.000 9/16 Money market investment (+A) 100.+SE) 1.422 Interest receivable (-A) 208 Money market investment (-A) 100.000 Cash (-A) 100.+SE) 417 10/19 Trust fund expenses (E.downloadslide.-SE) 1.459 Trust fund expenses (-E. solution manual and testbank on www.+SE) 417 11/22 Trust fund expenses (E. Inc.-SE) 22 Cash (-A) 22 11/16 Cash (+A) 417 Trust fund income (R.-SE) 300 Cash (-A) 300 10/27 Trust fund expenses (E.

Inc. Colleen Ryan. December 31.+SE) 2.com 23-8 Estates and Trusts Solution E23-7 Sooner XXV Trust Charge-Discharge Statement For the period of trust administration. 2011 Trust principal I charge myself for: Assets included in trust .J.500 ($500. ebooks.459 I credit myself for: Funeral expenses paid $ 700 Trust administration fee paid 100 Payments to Puppy Paradise 622 Total trust income discharge $1. September 15 to December 31.000 charge I credit myself for: Transfer of money market investment to J. Kara $100.000 Cash (-A) 7/2 Cash (+A) 2.downloadslide. Solution E23-8 6/1 Cash (+A) 1.000 x 6% x 1/12 year) 7/3 Trust fund expenses (E.000.000.-SE) 41 Cash (-A) 41 © 2011 Pearson Education.422 Payment of remaining trust income to J.000 Trust fund principal (+SE) 1. publishing as Prentice Hall .000 Trust income I charge myself for: Trust income received during trust administration $1. Find more slides.000 6/2 Investment in certificate of deposit (+A) 500. Kara $ 37 Respectfully submitted.000 6/2 Investment in stock mutual fund (+A) 500.000 500. 2011. Trust Officer.500 Trust fund income (R.total estate principal $100. solution manual and testbank on www.000 Cash (-A) 500.J.

all of these options expired with Dogbert’s demise.641. Find more slides.com Chapter 23 23-9 Solution E 23-9 Cash (+A) 218. For example.220 .500. he could have given assets to Emily during his lifetime or bequeathed funds to his church or some favorite charities. There were many estate planning options for Mr. excluding those amounts from his estate.000 Vintage sports car (+A) 31.000) Taxable estate $1.000 2009 Tax Exempt Estate (3.000 Big Casino common stock (+A) 120.220 Savings accounts (+A) 300. Inc. Solution E 23-10 a.000 Microsystems common stock (+A) 400. solution manual and testbank on www. Dogbert. publishing as Prentice Hall .000 45% Estate Tax Due $810. However.000 Balance inherited by Emily $4.000 b.To record receipt of property transferred from executor. ebooks.000 Mountain cottage (+A) 114. Fair value of gross estate $5.300. © 2011 Pearson Education. it would have left a zero inheritance tax.downloadslide.800.500 Trust fund principal (+SE) 1.490. If the reduced estate value would fall below the federal tax threshold.500 Personal residence (+A) 457.

com 23-10 Estates and Trusts Solution E 23-11 Fair value of gross estate $3. Find more slides.000) Taxable estate $100.000 © 2011 Pearson Education. Laura and Tom Solution E 23-12 Fair value of gross estate $23.000 $3. solution manual and testbank on www.900.955. ebooks.500. Inc.500.000 45% Estate Tax Due $45.000 2009 Tax Exempt Estate (3.000 45% Estate Tax Due $8.000 Balance inherited by Maggie $14.000 2009 Tax Exempt Estate (3.000 Balance inherited by Emily.400. publishing as Prentice Hall .555.downloadslide.600.445.000) Taxable estate $19.

+SE) 10.900 July 12 Cash (+A) 501.000 Devise .½ stocks .000 Estate income (R.+SE) 1. Find more slides.-SE) 250 Cash (-A) 250 July 4 Estate expense (E.300 July 15 Cash (+A) 750.000 SE) Devise. ebooks.000 © 2011 Pearson Education.000 Estate principal (+SE) 1.Lake cottage .000 Interest receivable (+A) 5.000 Common stocks (+A) 460.802.000 Interest receivable (-A) 5.-SE) 230. solution manual and testbank on www.downloadslide.000 Common stocks (-A) 460.. publishing as Prentice Hall .-SE) 230.Kent Olson (E. Clark Olson (E.½ stocks .000 2005 Corvette (-A) 35.Kent Olson (E.300 Certificate of deposit (-A) 500.000 2005 Corvette (+A) 35.000 Lake Michigan cottage (-A) 40.900 Cash (-A) 4.000 June 24 Cash (+A) 12.Clark Olson (E.000 Dividends receivable (-A) 12. 35.000 July 20 Devise .000 Dividend receivable (+A) 12.000 June 30 Estate expense (E.000 Estate income (R. Inc.com Chapter 23 23-11 Solution P 23-1 Part 1 June 22 Cash (+A) 15.-SE) 40.-SE) 4.000 Certificate of deposit (+A) 500.2005 Corvette .000 Lake Michigan cottage (+A) 40.000 Devise .

000 E.½ stocks .000 Devise .Close estate income and expenses and distribute estate net income to Lois Estate principal (-SE) 840. 230.+SE) Devise .Metropolis Symphony (E.-SE) 50.Jimmy’s church (-E.-SE) 50.cash fees .+SE) Devise . publishing as Prentice Hall . Find more slides.Clark Olson (.Clark Olson (E.-SE) 5.Clark Olson 35.+SE) 5.000 E.000 Devise .000 . 40.+SE) Devise .cash fees .com 23-12 Estates and Trusts Solution P 22-1 (continued) July 21 Devise .+SE) Devise .000 .000 Devise . Inc.+SE) 200.+SE) 50.000 Devise .000 Cash (-A) 962. 5.Lana Lang (E.000 Part 2 Closing Entries July 22 Estate income (-R.000 E.000 Devise.000 E.-SE) 11.downloadslide. 230.-SE) 200.150 Cash (-A) 6. ebooks.+SE) Devise . solution manual and testbank on www.-SE) 50.Close devise distributions Estate principal (-SE) 962.000 Cash (-A) 305.Kent Olson (.Kent Olson (.Jimmy’s church (E.000 Devise .½ stocks .300 Estate expenses (-E.Close estate and transfer remaining cash balance to Trust © 2011 Pearson Education.2005 Corvette .000 (-E.150 .Lake cottage .Lana Lang (-E. Clark Olson (.Metropolis Symphony (E.

000 Jimmy’s church 50. publishing as Prentice Hall .802.300 administration I credit myself for: Funeral expenses paid $4.000 Total estate principal discharge $1.300 Respectfully submitted: Clark Olson.000 535. solution manual and testbank on www.802.com Chapter 23 23-13 Solution P 23-1 (continued) Part 3 Estate of Jimmy Olson Charge-Discharge Statement For the Period of Estate Administration June 15 to July 22.downloadslide. Inc.000 Estate Income I charge myself for: Estate income received during estate $11.900 Cottage repairs paid 250 $ 5.000 305.150 Olson Total estate income discharge $11.000 I credit myself for: Devises paid in cash to: Clark Olson $ 5. Find more slides. 2011 © 2011 Pearson Education.150 Payment of estate net income to Lois 6.000 Devises distributed in kind to: Clark Olson 265. ebooks.000 Transferred to Trust account for Lois Olson: Cash 962.000 Lana Lang 200. July 22.000 Kent Olson 270.000 Metropolis Symphony Orchestra 50. 2011 Estate Principal I charge myself for: Assets included in estate inventory $1. Estate Executor.

publishing as Prentice Hall .downloadslide.com 23-14 Estates and Trusts Solution P 23-2 Date Accounts Debit Credit July 22 Cash (+A) 962.-SE) 100 August 31 Trust fund expenses (E.700 Cash (-A) 3. Find more slides.000 Trust fund principal (+SE) 962.000 July 31 Smallville Municipal Bonds (+A) 100.000 Cash (-A) 300.000 August 22 Cash (+A) 1.000 Cash (-A) 500.-SE) 3. Inc. solution manual and testbank on www.+SE) 1.000 July 23 Certificate of deposit (+A) 300.+SE) 405 Trust fund expenses (E.500 August 23 Cash (+A) 305 Trust income (R.500 Trust income (R.000 Cash (-A) 100. ebooks.000 July 25 Super Stock Mutual Fund (+A) 500.700 © 2011 Pearson Education.

000 . solution manual and testbank on www.000 effects (+A) Automobile (+A) 21.downloadslide.500 Dividends receivable (+A) 400 Interest receivable (+A) 2.216.400 Estate income (R.300 .-SE) 2.000 April 9 Land (+A) 10. April 15 Cash (+A) 3.Record estate inventory at fair values.000 Assets subsequently discovered (-A) 18.Record lakefront property at cost.250 Cash (-A) 13.000 Household furnishings and personal 76.000 Life insurance receivable (-A) 500.000 Assets subsequently discovered (-A) 10. April 28 Debts of decedent paid (E.400 Life insurance receivable (+A) 500.+SE) 600 April 19 Land (+A) 18.250 © 2011 Pearson Education.000 Personal residence (+A) 325. ebooks.800 March 30 Cash (+A) 500.000 Investments in stocks (+A) 25. publishing as Prentice Hall .-SE) 13.000 Investments in bonds (+A) 200.000 Estate principal (+SE) 1.800 Cash (-A) 2. awaiting an appraisal.Adjust lakefront property to appraisal.com Chapter 23 23-15 Solution P 23-3 Date Accounts Debit Credit March 15 Cash (+A) 66. March 25 Funeral expenses (E. Inc.000 Interest receivable (-A) 2.000 . Find more slides.

000 Cash (-A) (Estate Income) 700 .Dennis (E.250 Funeral expenses (-E.500 Devise .downloadslide.Denise (-E.-SE) 25.500 Personal residence (-A) 325.Dennis (-E.+SE) 100 April 30 Devise .Denise (E.Transfer estate property to Wilson Family Trust. Inc.+SE) 21.000 . furnishings 401.700 Devise .000 effects (-A) Cash (-A) 66.Helen Wilson (-E.Helen Wilson (Home.-SE) 700 Automobile (-A) 21.000 Estate principal (-SE) 501.550 Devise .000 Household furnishings and personal 76.+SE) 2.Helen (cash) (E. © 2011 Pearson Education.-SE) 66.Closing entries April 30 Estate principal (-SE) 714.+SE) 467.-SE) Devise .000 Land (-A) 28. solution manual and testbank on www.000 Debts of decedent paid (-E. publishing as Prentice Hall .500 .000 Devise (cash) .000 Investments in stocks (-A) 25.+SE) 13.000 and personal effects) (E.000 Devise (automobile) .com 23-16 Estates and Trusts Solution P 23-3 (continued) April 29 Cash (+A) 500 Dividends receivable (-A) 400 Estate income (R.Denise (E.+SE) 25.800 Estate income (-R. ebooks.750 Investment in bonds (-A) 200.750 Cash (-A) 486.Transfer cash and property to Helen Devise (stocks).-SE) 21.Transfer property to Denise & Dennis April 30 Assets subsequently discovered (+A) 28. Find more slides.-SE) 700 .

000 Transferred Land to Wilson Family Trust 28.com Chapter 23 23-17 Solution P 23-4 Estate of George Wilson Charge-Discharge Statement For the period of estate administration. residence & furnishings to 467.transfer cash.300 principal charge I credit myself for: Funeral expenses paid $ 2.244. © 2011 Pearson Education.000 Transferred cash to Wilson Family Trust 486. solution manual and testbank on www.total estate $1.750 Total estate principal discharge $1. Inc. 2011.000 Transferred bond investments to Wilson Family Trust 200.300 Estate income I charge myself for: Estate income received during estate administration $700 I credit myself for: Payment of estate income to Denise Wilson $700 Respectfully submitted.000 Assets included in estate inventory .500 Helen Devise . publishing as Prentice Hall . ebooks. April 30.300 Assets subsequently discovered 28.216.250 Devise .244. Find more slides.800 Estate debts paid 13.000 Devise . Estate Executrix.downloadslide. March 1 to April 30. 2011 Estate principal I charge myself for: Assets included in estate inventory $1.Transferred stocks to Denise 25.Transferred automobile to Dennis 21.

ebooks.com 23-18 Estates and Trusts Solution P 23-5 Date Accounts Debit Credit April 30 Cash (+A) 486. solution manual and testbank on www. Inc. publishing as Prentice Hall .700 Cash (-A) 8.250 June 15 Trust fund expenses (E.300 Land (-A) 28.000 Trust fund principal (+SE) 714.000 May 25 Cash (+A) 31.750 May 3 Certificate of deposit (+A) 450.downloadslide.-SE) 165 Cash (-A) 165 © 2011 Pearson Education.+SE) 3.000 Cash (-A) 450.700 June 30 Trust fund expenses (E.750 Land (+A) 28.+SE) 2.-SE) 165 Cash (-A) 165 June 3 Cash (+A) 2.-SE) 8.300 May 31 Trust fund expenses(E.000 Trust income (R.000 Investment in Bonds (+A) 200. Find more slides.250 Trust income (R.

Record estate inventory at fair values.000 Cash (+A) 215.300 Cash (-A) 4.750 Estate income (R. ebooks.000 Assets subsequently discovered (-A) 250.200 Interest receivable (+A) 6.000 Government bonds (-A) 200.000 June 23 Cash (+A) 50. Find more slides.-SE) 4.000 Life insurance receivable (-A) 50.-SE) 18.250 © 2011 Pearson Education. Inc.000 Automobile (+A) 2.000 June 16 Cash (+A) 8.000 June 15 Cash (+A) 750.000 June 24 Debts of decedent paid (E.750 Life insurance receivable (+A) 750.212.000 Interest receivable (-A) 6.600 Investments in stocks (+A) 52.+SE) 1.000 Interest receivable (-A) 15.000 Assets subsequently discovered (-A) 15. June 5 Government bonds (+A) 200.000 Life insurance receivable (-A) 750.000 Investments in bonds (+A) 400.000 Life insurance receivable (+A) 50.downloadslide.000 Estate principal (+SE) 1.com Chapter 23 23-19 Solution P 23-6 Date Accounts Debit Credit May 31 Dividends receivable (+A) 1.250 Cash (-A) 18.550 . solution manual and testbank on www. publishing as Prentice Hall .250 June 18 Funeral expenses (E.300 June 22 Interest receivable (+A) 15.

900 Investment in bonds (-A) 400.250 Executrix fees (-E.Humane society (E.600 Investments in stocks (-A) 52.000 .397.Pat (-E.650 Debts of decedent paid (-E.-SE) 1.350 Devise .+SE) 18.Sue (-E.500 Devise .+SE) 52.650 .300 Estate income (-R.000 Estate principal (+SE) 185. ebooks.000 Devise .150 June 30 Assets subsequently discovered (+A) 265.000 Cash (-A) 4.downloadslide.Sue (E.Transfer estate property to Josephson Family Trust.500 Funeral expenses (-E.+SE) 2.+SE) 2.900 Cash (-A) 997.+SE) 1.Closing entries June 30 Estate principal (-SE) 1.com 23-20 Estates and Trusts Solution P 23-6 (continued) June 28 Cash (+A) 1.+SE) 4.-SE) 2. Inc.Pat (E.-SE) 2. © 2011 Pearson Education.600 Dividends receivable (-A) 1.200 Estate income (R.000 Devise (automobile) . Find more slides.650 Automobile (-A) 2. solution manual and testbank on www.600 Devise .Humane society (-E. publishing as Prentice Hall .+SE) 400 June 30 Devise (stocks) .-SE) 52.-SE) 1.600 Executrix fees (E.

Transferred stocks to Sue 52.550 Assets subsequently discovered 265. Find more slides.000 Trust Transferred cash to Josephson Family Trust 997. 2011.downloadslide.000 Assets included in estate inventory . © 2011 Pearson Education.477. 2011 Estate principal I charge myself for: Assets included in estate inventory $1.900 Total estate principal discharge $1.300 Estate debts paid 18.total estate $1. June 30.212. Estate Executrix.com Chapter 23 23-21 Solution P 23-7 Estate of Tom Josephson Charge-Discharge Statement For the period of estate administration. solution manual and testbank on www.550 Estate income I charge myself for: Estate income received during estate administration $1.Transferred automobile to Pat 2. ebooks.600 Devise . publishing as Prentice Hall .650 I credit myself for: Payment of estate income to Humane Society $1.250 Executrix fees paid 2.650 Respectfully submitted. Inc.550 principal charge I credit myself for: Funeral expenses paid $ 4.000 Transferred bond investments to Josephson Family 400. May 16 to June 30.477.500 Devise .

Find more slides.000 Cash (-A) 750.000 July 31 Trust fund expenses (E. ebooks. Inc.900 July 5 Certificate of deposit (+A) 750. publishing as Prentice Hall .000 © 2011 Pearson Education.-SE) 15.downloadslide. solution manual and testbank on www.000 Trust fund principal (+SE) 1.750 Trust income (R.-SE) 275 Cash (-A) 275 August 5 Cash (+A) 3.com 23-22 Estates and Trusts Solution P 23-8 Date Accounts Debit Credit June 30 Cash (+A) 997.397.+SE) 3.000 Cash (-A) 15.750 August 19 Trust fund expenses (E.900 Investment in Bonds (+A) 400.