Rusty Nail Died in the Summer of 2014

question 8

Essay

Rusty Nail died in the summer of 2014.The following transactions occurred relating to Rusty's estate.
1.Rusty's estate included a $50,000 Certificate of Deposit.When Rusty died,there was $250 accrued but unpaid interest.When the check was received for the normal semiannual interest payment,it was in the amount of $1,250.
2.Rusty's will requested a specific transfer to the local playhouse in the amount of $20,000.Avery's estate should be adequate to cover all obligations and devises,and the amount is paid.
3.A fee for probate court is paid amounting to $1,400.
4.Funeral expenses are paid amounting to $13,000.
5.A bill is received from the anesthesiologist relating to Rusty's last hospital stay for $22,000.The bill is not covered by insurance,and was not included in the estate inventory.The bill is verified and paid.
Required:
Prepare the journal entries for the listed transactions.Disregard the impact of estate and income taxes.

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Definitions:

Wheat

A cereal grain, originally from the Levant region of the Near East but now cultivated worldwide, which is a staple food in many parts of the world.

Milk

A nutrient-rich liquid food produced in the mammary glands of mammals, commonly consumed by humans as a beverage or used in the production of various dairy products.

Pareto Optimal

A situation or allocation of resources from which it is impossible to reallocate to make any one individual better off without making at least one individual worse off.

Marginal Rate of Substitution

The rate at which a consumer is willing to substitute one good for another while maintaining the same level of utility, reflected in the slope of an indifference curve.