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Trustees right to be indemnified
Trustees have, however, a right to be indemnified:
1. Out of trust property, for all expenses properly incurred in the execution of the trust e.g. insurance premium paid S.32(2);
2. Against a beneficiary if -
3. For the cost of litigation brought or defended with leave of the court or otherwise properly for the benefit of the estate - the indemnity here comes out of the trust estate.
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Lower of Cost or Market - Valuing ASSETS for financial reporting purposes. Normally‘cost' is the purchase price of the asset and ‘market' refers to its current replacement cost. GE
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Below is the Trial Balance for Clay Employment Services, year ending December 31, 2011. Previous period's information were as follows: net receivables, $290,000 and inventory, $82
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