Silvia Peacock Has Been Appointed to Serve as the Executor

question 14

Essay

Silvia Peacock has been appointed to serve as the executor of the estate of Mr.Mickey Babay,who passed away at the age of 104 on April 5,2011.On April 5,2011,Mr.Babay's assets consisted of the following:
$$\begin{array} { | l | r | r | } \hline \text { Asset } & \text { Book Value } & { \text { Fair Value } } \\\hline \text { Cash } & \$ 40,000 & \$ 40,000 \\\hline \text { Mutual fund investment } & 170,000 & 170,000 \\\hline \text { Selonoid Incorporated common stock } & 22,000 & 28,000 \\\hline \text { Ford Mustang } & 24,000 & 16,000 \\\hline \text { Condo in Phoenix, AZ } & 120,000 & 150,000 \\\hline \text { Residence in Boston, MA } & 150,000 & 280,000 \\\hline \text { Stamp collection } & 4,900 & 8,000 \\\hline \text { Salt and pepper shaker collection } & 1,500 & 4,000 \\\hline \text { Rare hand puppet collection } & 2,300 & 6,700 \\\hline\end{array}$$ The probate court has ruled that any other personal effects may be excluded from Mr.Babay's estate inventory.
Required:
Prepare an inventory of estate assets on April 5,2011.

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Definitions:

Paychecks

Regular payments made to employees for their work, typically issued on a fixed schedule and reflecting gross earnings, net earnings, and deductions.

Incentive Pay

Additional compensation awarded to employees for achieving defined goals, exceeding performance standards, or for exceptional contributions to the company.

Hierarchy

a system or organization in which people or groups are ranked one above the other according to status or authority.

Performance-Based Pay

A compensation strategy that links employee pay directly to their performance outcomes, incentivizing high performance.