Silvia Peacock Has Been Appointed to Serve as the Executor

Silvia Peacock has been appointed to serve as the executor of the estate of Mr.Mickey Babay,who passed away at the age of 104 on April 5,2011.On April 5,2011,Mr.Babay's assets consisted of the following:
$$\begin{array} { | l | r | r | } \hline \text { Asset } & \text { Book Value } & { \text { Fair Value } } \\\hline \text { Cash } & \$ 40,000 & \$ 40,000 \\\hline \text { Mutual fund investment } & 170,000 & 170,000 \\\hline \text { Selonoid Incorporated common stock } & 22,000 & 28,000 \\\hline \text { Ford Mustang } & 24,000 & 16,000 \\\hline \text { Condo in Phoenix, AZ } & 120,000 & 150,000 \\\hline \text { Residence in Boston, MA } & 150,000 & 280,000 \\\hline \text { Stamp collection } & 4,900 & 8,000 \\\hline \text { Salt and pepper shaker collection } & 1,500 & 4,000 \\\hline \text { Rare hand puppet collection } & 2,300 & 6,700 \\\hline\end{array}$$ The probate court has ruled that any other personal effects may be excluded from Mr.Babay's estate inventory.
Required:
Prepare an inventory of estate assets on April 5,2011.

Correct Answer:

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