Chapter 22
ESTATES AND TRUSTS
Answers to Questions
1
1No, trust accounting is essentially cash basis accounting.
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
$12,000 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
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22-1
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Estates and Trusts
permanently repealed, estate planning services will remain critical for
larger estates subject to state level taxation.
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. However, unless
Congress acts to make the repeal permanent, the tax will return in 2011.
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 E22-1
a
b
Cash (+A)
4,500
Interest receivable - bonds (-A)
2,200
Estate income (R,+SE)
2,300
Devise - Atlanta Animal Shelter (E,-SE)
50,000
Cash (-A)
c
Funeral expenses (E,-SE)
50,000
8,200
Cash (-A)
d
Cash (+A)
Interest receivable (+A)
8,200
25,000
600
Assets subsequently discovered (-A)
Cash (+A)
25,600
1,500
Interest receivable (-A)
600
Estate income (R,+SE)
900
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Chapter 22
22-3
Solution E22-2
a
b
Cash (+A)
7,500
Interest receivable - bonds (-A)
5,800
Estate income (R,+SE)
1,700
Devise - symphony orchestra (E,-SE)
75,000
Cash (-A)
c
Probate expenses (E,-SE)
75,000
1,400
Cash (-A)
d
Funeral expenses (E,-SE)
1,400
6,400
Cash (-A)
e
Estate principal (-SE)
6,400
22,000
Accounts payable (+L)
22,000
Solution E22-3
a
Dividend receivable (+A)
150,000
Estate income (R,+SE)
150,000
b
No entry on this date, since no distribution has yet been made.
c
Probate court expenses (E,-SE)
1,900
Cash (-A)
d
Funeral expenses (E,-SE)
1,900
5,800
Cash (-A)
e
Hospital fees and expenses (E,-SE)
5,800
18,500
Cash (-A)
f
Cash (+A)
18,500
150,000
Dividends receivable (-A)
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150,000
22-4
Estates and Trusts
Solution E 22-4
Melanie Triciao, Testator
Inventory of Estate Assets
As of the date of Death on August 15, 2009
Description of Property
Fair Value
Cash
$
118,225
Savings accounts
250,000
ViaReggio common stock
225,000
City of Roma municipal bonds
412,000
Mercedes sports car
Condominium on Italian Riviera
41,000
1,265,500
Atlanta personal residence
430,000
Collection of rare hand puppets
85,000
Fully restored Model T Ford
125,000
$2,951,725
Submitted by K. T. Tim, executor
Solution E22-5
1. Estate Inventory
Jeff Carpenter, Testator
Inventory of Estate Assets
As of the date of death on August 25, 2009
Description of Property
Fair Value
Cash in Oxford National Bank
$15,000
Certificates of deposit, includes $7,000 accrued
interest
807,000
Personal effects*
$822,000
*The probate court permitted exclusion of Jeff’s
personal effects from the estate inventory. Prepared by
Ms. Colleen Ryan, Executrix, Oxford National Bank
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Chapter 22
22-5
Solution E22-5 (continued)
2.
a
b
Cash (+A)
11,500
Interest receivable - bonds (-A)
7,000
Estate income (R,+SE)
4,500
Cash (+A)
800,000
Certificates of deposit (-A)
c
Devise- Sooner XXV trust account (E,-SE)
800,000
100,000
Cash (-A)
d
100,000
Funeral expenses (E,-SE)
7,200
Cash (-A)
e
7,200
Executrix expenses (E,-SE)
2,500
Cash (-A)
2,500
Devise - J.J. Kara (E,-SE)
716,800
Cash (-A)
3.
716,800
Closing Entries
Estate principal (-SE)
822,000
Estate income (-R,-SE)
4,500
Funeral expenses (-E,+SE)
7,200
Executrix expenses (-E,+SE)
2,500
Devise - Sooner XXV trust (-E,+SE)
Devise - J.J. Kara
(-E,+SE)
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100,000
716,800
22-6
Estates and Trusts
Solution E22-5 (continued)
4. Charge-Discharge Statement
Estate of Jeff Carpenter
Charge-Discharge Statement
For the period of estate administration,
August 25 to September 28, 2009
Estate principal
I charge myself for:
Assets included in estate inventory - total estate
principal charge
$822,000
I credit myself for:
Funeral expenses paid
Executrix expenses paid
$
7,200
2,500
Devise paid in cash to Sooner XXV trust account
100,000
Devise paid in cash to J.J. Kara
712,300
Total estate principal discharge
$822,000
Estate income
I charge myself for:
Estate income received during estate administration
$4,500
I credit myself for:
Payment of estate income to J.J. Kara
$4,500
Respectfully submitted, Colleen Ryan, Estate Executrix, September
28, 2009.
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Chapter 22
22-7
Solution E22-6
9/15
Cash (+A)
100,000
Trust fund principal (+SE)
9/16
Money market investment (+A)
100,000
100,000
Cash (-A)
10/16
Cash (+A)
100,000
417
Trust fund income (R,+SE)
10/19
Trust fund expenses (E,-SE)
417
300
Cash (-A)
10/27
Trust fund expenses (E,-SE)
300
22
Cash (-A)
11/16
Cash (+A)
22
417
Trust fund income (R,+SE)
11/22
Trust fund expenses (E,-SE)
417
300
Cash (-A)
12/16
Cash (+A)
300
417
Trust fund income (R,+SE)
12/28
Trust fund expenses (E,-SE)
417
700
Cash (-A)
12/31
Trust fund expenses (E,-SE)
700
100
Cash (-A)
12/31
Interest receivable (+A)
100
208
Trust fund income (R,+SE)
- Accrued interest for last ½ month.
12/31
208
Trust fund principal (-SE)
100,000
Trust fund income (-R,-SE)
1,459
Trust fund expenses (-E,+SE)
Interest receivable (-A)
Money market investment (-A)
Cash (-A)
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1,422
208
100,000
37
22-8
Estates and Trusts
Solution E22-7
Sooner XXV Trust
Charge-Discharge Statement
For the period of trust administration,
September 15 to December 31, 2009
Trust principal
I charge myself for:
Assets included in trust - total estate principal
charge
$100,000
I credit myself for:
Transfer of money market investment to J.J. Kara
$100,000
Trust income
I charge myself for:
Trust income received during trust administration
$1,459
I credit myself for:
Funeral expenses paid
$
700
Trust administration fee paid
100
Payments to Puppy Paradise
622
Total trust income discharge
$1,422
Payment of remaining trust income to J.J. Kara
$ 37
Respectfully submitted, Colleen Ryan, Trust Officer, December 31,
2009.
Solution E22-8
6/1
Cash (+A)
1,000,000
Trust fund principal (+SE)
6/2
Investment in certificate of deposit (+A)
1,000,000
500,000
Cash (-A)
6/2
Investment in stock mutual fund (+A)
500,000
500,000
500,000
Cash (-A)
7/2
Cash (+A)
2,500
Trust fund income (R,+SE)
($500,000 x 6% x 1/12 year)
7/3
Trust fund expenses (E,-SE)
2,500
41
Cash (-A)
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Chapter 22
22-9
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22-10
Estates and Trusts
Solution E 22-9
Cash (+A)
218,220
Savings accounts (+A)
300,000
Microsystems common stock (+A)
400,000
Big Casino common stock (+A)
120,000
Vintage sports car (+A)
31,000
Mountain cottage (+A)
114,500
Personal residence (+A)
457,500
Trust fund principal (+SE)
1,641,220
- To record receipt of property transferred from executor.
Solution E 22-10
a.
Fair value of gross estate
2009 Tax Exempt Estate
Taxable estate
45% Estate Tax Due
Balance inherited by Emily
b.
$5,300,000
(3,500,000)
$1,800,000
$810,000
$4,490,000
There were many estate planning options for Mr. Dogbert. For example, he
could have given assets to Emily during his lifetime or bequeathed funds
to his church or some favorite charities, excluding those amounts from
his estate. If the reduced estate value would fall below the federal tax
threshold, it would have left a zero inheritance tax. However, all of
these options expired with Dogbert’s demise.
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Chapter 22
22-11
Solution E 22-11
Fair value of gross estate
$3,600,000
2009 Tax Exempt Estate
(3,500,000)
Taxable estate
$100,000
45% Estate Tax Due
Balance inherited by Emily, Laura and Tom
$45,000
$3,555,000
Solution E 22-12
Fair value of gross estate
$23,400,000
2009 Tax Exempt Estate
(3,500,000)
Taxable estate
$19,900,000
45% Estate Tax Due
Balance inherited by Maggie
$8,955,000
$14,445,000
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22-12
Estates and Trusts
Solution P 22-1
Part 1
June 22
Cash (+A)
15,000
Interest receivable (-A)
5,000
Estate income (R,+SE)
June 24
Cash (+A)
10,000
12,000
Dividends receivable (-A)
June 30
Estate expense (E,-SE)
12,000
250
Cash (-A)
July 4
250
Estate expense (E,-SE)
4,900
Cash (-A)
July 12
4,900
Cash (+A)
501,300
Certificate of deposit (-A)
500,000
Estate income (R,+SE)
July 15
1,300
Cash (+A)
750,000
Certificate of deposit (+A)
500,000
Interest receivable (+A)
Common stocks (+A)
5,000
460,000
Dividend receivable (+A)
12,000
Lake Michigan cottage (+A)
40,000
2005 Corvette (+A)
35,000
Estate principal (+SE)
July 20
1,802,000
Devise - 2005 Corvette - Clark Olson (E,SE)
35,000
Devise- Lake cottage - Kent Olson (E,-SE)
40,000
Devise - ½ stocks -
Clark Olson (E,-SE)
Devise - ½ stocks - Kent Olson (E,-SE)
230,000
230,000
Lake Michigan cottage (-A)
40,000
2005 Corvette (-A)
35,000
Common stocks (-A)
460,000
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Chapter 22
22-13
Solution P 22-1 (continued)
July 21
Devise - cash fees - Clark Olson (E,-SE)
Devise - Lana Lang (E,-SE)
5,000
200,000
Devise - Jimmy’s church (E,-SE)
50,000
Devise - Metropolis Symphony (E,-SE)
50,000
Cash (-A)
Part 2
Closing Entries
July 22
Estate income (-R,-SE)
305,000
11,300
Estate expenses (-E,+SE)
5,150
Cash (-A)
- Close estate income and expenses and
distribute estate net income to Lois
Estate principal (-SE)
6,150
840,000
Devise- 2005 Corvette - Clark Olson
(-E,+SE)
35,000
Devise - Lake cottage - Kent Olson (E,+SE)
40,000
Devise - ½ stocks -
Clark Olson (-E,
230,000
+SE)
Devise - ½ stocks - Kent Olson (-E,
230,000
+SE)
Devise - cash fees - Clark Olson (-E,
5,000
+SE)
Devise - Lana Lang (-E,+SE)
200,000
Devise - Jimmy’s church (-E,+SE)
50,000
Devise - Metropolis Symphony (E,-SE)
50,000
- Close devise distributions
Estate principal (-SE)
Cash (-A)
- Close estate and transfer remaining
cash balance to Trust
962,000
962,000
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22-14
Estates and Trusts
Solution P 22-1 (continued)
Part 3
Estate of Jimmy Olson
Charge-Discharge Statement
For the Period of Estate Administration
June 15 to July 22, 2009
Estate Principal
I charge myself for:
Assets included in estate inventory
$1,802,000
I credit myself for:
Devises paid in cash to:
Clark Olson
Lana Lang
$
5,000
200,000
Jimmy’s church
50,000
Metropolis Symphony Orchestra
50,000
305,000
Devises distributed in kind to:
Clark Olson
265,000
Kent Olson
270,000
535,000
Transferred to Trust account for Lois
Olson:
Cash
962,000
Total estate principal discharge
$1,802,000
Estate Income
I charge myself for:
Estate income received during estate
administration
$11,300
I credit myself for:
Funeral expenses paid
Cottage repairs paid
$4,900
250
Payment of estate net income to Lois
Olson
Total estate income discharge
Respectfully submitted: Clark Olson, Estate Executor, July 22, 2009
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$
5,150
6,150
$11,300
Chapter 22
22-15
Solution P 22-2
Date
Accounts
July 22
Cash (+A)
Debit
Credit
962,000
Trust fund principal (+SE)
July 23
Certificate of deposit (+A)
962,000
300,000
Cash (-A)
July 25
Super Stock Mutual Fund (+A)
300,000
500,000
Cash (-A)
July 31
Smallville Municipal Bonds (+A)
500,000
100,000
Cash (-A)
August 22
Cash (+A)
100,000
1,500
Trust income (R,+SE)
August 23
Cash (+A)
1,500
305
Trust income (R,+SE)
August 31
405
Trust fund expenses (E,-SE)
100
Trust fund expenses (E,-SE)
3,700
Cash (-A)
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3,700
22-16
Estates and Trusts
Solution P 22-3
Date
Accounts
March 15
Cash (+A)
Dividends receivable (+A)
Interest receivable (+A)
Debit
Credit
66,500
400
2,400
Life insurance receivable (+A)
500,000
Personal residence (+A)
325,000
Household furnishings and personal
effects (+A)
76,000
Automobile (+A)
21,000
Investments in stocks (+A)
25,000
Investments in bonds (+A)
200,000
Estate principal (+SE)
1,216,300
- Record estate inventory at fair
values.
March 25
Funeral expenses (E,-SE)
2,800
Cash (-A)
March 30
Cash (+A)
2,800
500,000
Life insurance receivable (-A)
April 9
Land (+A)
500,000
10,000
Assets subsequently discovered (-A)
10,000
- Record lakefront property at cost, awaiting an
appraisal.
April 15
Cash (+A)
3,000
Interest receivable (-A)
2,400
Estate income (R,+SE)
April 19
Land (+A)
600
18,000
Assets subsequently discovered (-A)
18,000
- Adjust lakefront property to appraisal.
April 28
Debts of decedent paid (E,-SE)
13,250
Cash (-A)
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13,250
Chapter 22
22-17
Solution P 22-3 (continued)
April 29
April 30
Cash (+A)
500
Dividends receivable (-A)
400
Estate income (R,+SE)
100
Devise - Helen Wilson (Home, furnishings
and personal effects) (E,-SE)
Devise Helen (cash) (E,-SE)
401,000
66,500
Personal residence (-A)
325,000
Household furnishings and personal
effects (-A)
76,000
Cash (-A)
66,500
- Transfer cash and property to Helen
Devise (stocks)- Denise (E,-SE)
25,000
Devise (automobile) - Dennis (E,-SE)
21,000
Devise (cash) - Denise (E,-SE)
700
Automobile (-A)
21,000
Investments in stocks (-A)
25,000
Cash (-A) (Estate Income)
700
- Transfer property to Denise & Dennis
April 30
Assets subsequently discovered (+A)
Estate principal (-SE)
28,000
501,550
Devise - Helen Wilson (-E,+SE)
467,500
Devise - Denise (-E,+SE)
25,700
Devise - Dennis (-E,+SE)
21,000
Debts of decedent paid (-E,+SE)
13,250
Funeral expenses (-E,+SE)
Estate income (-R,-SE)
2,800
700
- Closing entries
April 30
Estate principal (-SE)
714,750
Cash (-A)
486,750
Investment in bonds (-A)
200,000
Land (-A)
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28,000
22-18
Estates and Trusts
- Transfer estate property to Wilson Family Trust.
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Chapter 22
22-19
Solution P 22-4
Estate of George Wilson
Charge-Discharge Statement
For the period of estate administration,
March 1 to April 30, 2009
Estate principal
I charge myself for:
Assets included in estate inventory
$1,216,300
Assets subsequently discovered
Assets included in estate inventory - total estate
principal charge
28,00
0
$1,244,300
I credit myself for:
Funeral expenses paid
Estate debts paid
Devise - transfer cash, residence & furnishings to
Helen
$
2,800
13,250
467,500
Devise - Transferred automobile to Dennis
21,000
Devise - Transferred stocks to Denise
25,000
Transferred bond investments to Wilson Family Trust
200,000
Transferred Land to Wilson Family Trust
28,000
Transferred cash to Wilson Family Trust
486,750
Total estate principal discharge
$1,244,300
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, Estate Executrix, April 30, 2009.
Required:
Prepare the entry to record the creation of the Wilson Family
Trust on April 30. Prepare all required entries to account for
trust activities through June 30.
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22-20
Estates and Trusts
Solution P 22-5
Date
Accounts
April 30
Cash (+A)
486,750
Land (+A)
28,000
Investment in Bonds (+A)
Debit
Credit
200,000
Trust fund principal (+SE)
May 3
Certificate of deposit (+A)
714,750
450,000
Cash (-A)
May 25
Cash (+A)
450,000
31,300
Land (-A)
28,000
Trust income (R,+SE)
May 31
Trust income (E,-SE)
3,300
165
Cash (-A)
June 3
Cash (+A)
165
2,250
Trust income (R,+SE)
June 15
Trust income (E,-SE)
2,250
8,700
Cash (-A)
June 30
Trust income (E,-SE)
8,700
165
Cash (-A)
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Chapter 22
22-21
Solution P 22-6
Date
Accounts
Debit
May 31
Dividends receivable (+A)
1,200
Interest receivable (+A)
Life insurance receivable (+A)
Automobile (+A)
Credit
6,750
750,000
2,600
Investments in stocks (+A)
52,000
Investments in bonds (+A)
400,000
Estate principal (+SE)
1,212,550
- Record estate inventory at fair
values.
June 5
Government bonds (+A)
Life insurance receivable (+A)
200,000
50,000
Assets subsequently discovered (-A)
June 15
Cash (+A)
250,000
750,000
Life insurance receivable (-A)
June 16
June 18
Cash (+A)
750,000
8,000
Interest receivable (-A)
6,750
Estate income (R,+SE)
1,250
Funeral expenses (E,-SE)
4,300
Cash (-A)
June 22
Interest receivable (+A)
4,300
15,000
Assets subsequently discovered (-A)
Cash (+A)
15,000
215,000
Government bonds (-A)
200,000
Interest receivable (-A)
June 23
Cash (+A)
15,000
50,000
Life insurance receivable (-A)
June 24
Debts of decedent paid (E,-SE)
50,000
18,250
Cash (-A)
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18,250
22-22
Estates and Trusts
Solution P 22-6 (continued)
June 28
Cash (+A)
1,600
Dividends receivable (-A)
1,200
Estate income (R,+SE)
June 30
Devise (stocks) - Sue (E,-SE)
400
52,000
Devise (automobile) - Pat (E,-SE)
2,600
Executrix fees (E,-SE)
2,500
Devise - Humane society (E,-SE)
1,650
Automobile (-A)
2,600
Investments in stocks (-A)
52,000
Cash (-A)
June 30
Assets subsequently discovered (+A)
4,150
265,000
Estate principal (-SE)
185,350
Devise - Sue (-E,+SE)
52,000
Devise - Pat (-E,+SE)
2,600
Devise - Humane society (-E,+SE)
1,650
Debts of decedent paid (-E,+SE)
18,250
Executrix fees (-E,+SE)
2,500
Funeral expenses (-E,+SE)
4,300
Estate income (-R,-SE)
1,650
- Closing entries
June 30
Estate principal (-SE)
1,397,900
Cash (-A)
997,900
Investment in bonds (-A)
400,000
- Transfer estate property to Josephson Family Trust.
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Chapter 22
22-23
Solution P 22-7
Estate of Tom Josephson
Charge-Discharge Statement
For the period of estate administration,
May 16 to June 30, 2009
Estate principal
I charge myself for:
Assets included in estate inventory
$1,212,550
Assets subsequently discovered
265,0
00
Assets included in estate inventory - total estate
principal charge
$1,477,550
I credit myself for:
Funeral expenses paid
Estate debts paid
$
4,300
18,250
Executrix fees paid
2,500
Devise - Transferred automobile to Pat
2,600
Devise - Transferred stocks to Sue
Transferred bond investments to Josephson Family
Trust
Transferred cash to Josephson Family Trust
Total estate principal discharge
52,000
400,000
997,900
$1,477,550
Estate income
I charge myself for:
Estate income received during estate administration
$1,650
I credit myself for:
Payment of estate income to Humane Society
$1,650
Respectfully submitted, Estate Executrix, June 30, 2009.
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22-24
Estates and Trusts
Solution P 22-8
Date
Accounts
Debit
Credit
June 30
Cash (+A)
997,900
Investment in Bonds (+A)
400,000
Trust fund principal (+SE)
July 5
Certificate of deposit (+A)
1,397,900
750,000
Cash (-A)
July 31
Trust income (E,-SE)
750,000
275
Cash (-A)
August 5
Cash (+A)
275
3,750
Trust income (R,+SE)
August 19
Trust income (E,-SE)
3,750
15,000
Cash (-A)
© 2009 Pearson Education, Inc. publishing as Prentice Hall
15,000