The Provisions of a Will Currently Undergoing Probate Are: "One

question 39

Multiple Choice

The provisions of a will currently undergoing probate are: "One thousand shares of Wal-Mart Stores stock to my son; $10,000 in cash from my Astoria Savings Bank account to my brother; $5,000 in cash to my daughter; and any remaining property divided equally between my son and daughter."Assuming at the time of death the estate included 1,400 shares of Wal-Mart Stores stock and $25,000 cash in the savings account, what would the son have received from the settlement of the estate?

• A) 1,000 shares of Wal-Mart stock and $15,000 cash.
• B) 1,000 shares of Wal-Mart stock and $0 cash.
• C) 1,000 shares of Wal-Mart stock and $10,000 cash.
• D) 1,200 shares of Wal-Mart stock and $5,000 cash.
• E) 1,400 shares of Wal-Mart stock and $5,000 cash.

Apply the concept of fair value measurement in the context of property, plant, and equipment.

Understand the accounting treatment and journal entry recording of exchanges involving similar and dissimilar assets.

Comprehend the concept of fair value and its application in asset exchanges.

Be able to calculate and recognize gain or loss on the exchange of nonmonetary assets.

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Definitions:

Nervous Systems

The nervous system is the complex network of nerve tissue that controls activities within the body by transmitting electrical and chemical signals between different body parts.

Essential

Absolutely necessary or extremely important for a particular process, function, or survival.

Life

A characteristic that distinguishes physical entities with biological processes, such as signaling and self-sustaining processes, from those that do not.

Bilateral Symmetry

Body plan in which organs or parts present on both sides of the body are mirror images in appearance. For example, the hands are bilaterally symmetrical, whereas the heart is not.