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

question 39

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 to record the collection of the life insurance policy.

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Definitions:

Vietnam Veterans

individuals who served in the military forces during the Vietnam War, spanning from 1955 to 1975, and may be eligible for various benefits and recognition.

Readjustment Act

Legislation aimed at providing benefits to military veterans, such as education and housing assistance.

Affirmative Action

Policies or practices that seek to address past discrimination and inequality by making efforts to increase opportunities for historically marginalized groups.

Disabled Veterans

Disabled veterans are military veterans who have sustained injuries or disabilities during their service, entitled to various benefits and protections as recognition of their service.