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

question 69

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 the life insurance policy.

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Definitions:

Categorical Syllogism

A form of logical argument that applies deductive reasoning to come to a conclusion based on two premises that are asserted or assumed to be true.

Goodness Of Fit

Appropriateness of environmental demands and constraints to a child’s temperament.

Temperament

The enduring aspect of an individual's personality that influences how they interact with the world.

Environment Demands

The requirements or pressures put forth by one's surroundings, necessitating adaptation or response.