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

question 57

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 distribution of $4,000 to Anna Lee, an income beneficiary.

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Definitions:

Decedent's Estate

The real and personal property owned by an individual at the time of their death, subject to distribution among heirs and beneficiaries per the will or state law.

Final Declaration

The last official statement or summary of a legal document or proceedings, often summarizing the outcome or decisions made.

Property Disposed

The act of transferring or getting rid of property through sale, gift, or other methods.

Probate

The legal process through which a deceased person's estate is validated and administered, involving the resolution of any claims and distribution of the deceased's property under a will.