The Executor of the Estate of Kate Tweed Discovered the Following

question 61

Essay

The executor of the Estate of Kate Tweed discovered the following assets (at fair value):
The will of Kate Tweed had the following provisions:
-$195,000 in cash went to Victor Vickery.
-All shares of PepsiCo went to Duchess Doyle.
-The residence went to Louis Tweed.
-All other estate assets were to be liquidated with the resulting cash going to the Sacred Church of Liberty, Missouri.
-Additional debts of $78,000 were discovered.Debts totaling $130,000 were paid.Prepare the journal entry to record the transaction.

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Definitions:

Sexual Misconduct

Behavior that is sexually inappropriate, unethical, or legally forbidden, often involving abuse of power or breach of consent.

Intentional Tort

A deliberate action that causes harm or damage to another person.

Economic Interests

Financial stakes or benefits that influence the actions or decisions of individuals or entities.

Conversion

Permanent interference with another’s use and enjoyment of his or her personal property.