The Executor of Danny Mack's Estate Has Listed the Following

question 16

Essay

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 for claims of $100,000 made against the estate for various debts incurred before the decedent's death, and $20,000 for funeral expense bills.

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Definitions:

State Apparatus

Structures and institutions through which a state exercises its power and authority, including the government, military, police, and judicial systems.

Capitalism

Capitalism is an economic system characterized by private ownership of the means of production, where profits are generated through the operation of competitive markets.

Private Ownership

The legal right of individuals or entities to own property and assets independently of the government or communal entities.

Criminal Laws

The body of law that relates to crime, prescribing the conduct perceived as threatening, harmful, or otherwise endangering to individuals and property, including the punishment of people who violate these laws.