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The opening entries1. Assets of the estate or trustIn both cases the various assets of the estate or trust are debited to appropriate accounts and credited to the Estate Capital Account;The value at which assets are introduced is as follows:—a) In the case of an estate or a trust following an estate — probate value;b) In the case of an inter vivos settlement — market value at the date of the settlement.2. Liabilities of the estate or trustThe various liabilities of the estate or trust are credited to appropriate accounts and debited to the Estate Capital Account.3. Balance on Estate Capital AccountThe balance on the capital account of an estate will represent the net value of the deceased's estate. When Estate Duty used to be charged in Kenya, the balance on the estate capital account was the figure on which Estate Duty was charged, subject to adjustments (in exactly the same way as Income Tax is charged on the net profit of a business, subject to adjustments).
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Which of the following procedures involves transferring amounts recorded in the general journal to ledger accounts? Answer a. preparing a tria
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First's current stock price is $260. The price may rise to $300 or fall to $170 in one month. The risk-free interest rate is 18% per year. a. Using the replication portfolio app
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