Charlene Drafted a Will in 1992 Stating as Follows: "I

question 14

Essay

Charlene drafted a will in 1992 stating as follows: "I hereby leave my 80-acre farm to Arthur, my pure-bred golden retriever to Brian, and $20,000 each to Dana and Ellen." In 1997, Charlene sold her farm and in 1998 her dog died.Charlene died in 2004 without having changed her will and with $15,000 in the bank.If there are no administrative costs or bills to be paid by the estate, what amount will Arthur, Brian, Dana, and Ellen receive under the will?

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Definitions:

Pension Plan

A retirement plan that outlines the benefits that employees will receive upon retirement, which is funded by contributions from the employer, the employee, or both.

Corridor

In financial terms, a corridor can refer to the allowable range of values for financial instruments or within financial models to trigger certain actions or constraints.

Prepaid Pension Asset

An asset on the balance sheet that occurs when a company pays more into a pension plan than the current cost recognized for the benefits related to the period.

Pension Expense

The cost to a company for maintaining a defined benefit pension plan, including service cost, interest cost, expected return on plan assets, and any amortization of past service costs.