Recording activity of an estate and trust. You are given the following trial balance of the estate of Sheri Shannon as of December 31, 20X3.

Recording activity of an estate and trust. You are given the following trial balance of the estate of Sheri Shannon as of December 31, 20X3. Her will stipulated that the executor should be granted $30,000 from principal cash. The remainder of the estate’s principal assets and its income assets are to be transferred to Community Bank, which will act as trustee of an endowment fund. Income from trust assets shall be used for scholarships for accounting majors at a local university.

Debit

Credit

Cash—Principal

115,950

Cash—Income

5,800

Pal Corp Stock

60,000

BVD Corp Stock

40,000

Rapid Transit Corp Bonds

30,300

Coin Collection

18,000

Estate Principal

241,700

Estate Income

5,800

Assets Subsequently Discovered

28,250

Gain on Realization of Principal Assets

24,000

Funeral and Administrative Expenses

8,500

Debts of Decedent Paid

20,100

Expenses Chargeable against Principal

1,100

Total

299,750

299,750

  1. Record the payment to the executor and the transfer of all remaining assets to the trustee.
  2. Prepare journal entries to close the executor’s records.
  3. Prepare journal entries to record receipt of assets by the trustee. Explain why it was unnecessary to accrue the interest on the Rapid Transit Corp. bonds to the date of actual transfer.
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