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

question 64

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 rental income of $10,000.$1,000 had been earned prior to the decedent's death.


Definitions:

Self-Fulfilling Prophecy

The tendency for a prediction to actually occur once it is believed; for example, when a victim believes that prejudice against him or her is true, then fulfills these negative expectations.

Tendency

An inclination or predisposition to think, behave, or proceed in a particular way.

Self-Esteem

The perception and evaluation of one's own worth, capabilities, and overall self-respect.

Negative Statements

Expressions or declarations that convey denial, disagreement, or pessimism.

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