Recording estate principal and income. Laurel Rose has been the personal representative of her brother’s estate since his death on February 1 of the current year. The following events, all of which...

Recording estate principal and income. Laurel Rose has been the personal representative of her brother’s estate since his death on February 1 of the current year. The following events, all of which occurred in the current year unless otherwise stated, occurred during her administration:

1. Included in the principal assets were 40, $1,000, 8% city of Pittsburgh bonds paying interest on January 1 and July 1. The bonds had a fair value of 101 on February 1. Laurel sold the bonds at 103, plus accrued interest, on March 1.

2. On March 1, Laurel purchased 50, $1,000, 5% city of Detroit bonds at 98, plus accrued interest. The bonds pay interest on April 1 and October 1. The bonds mature on April 1 in the second year after the current year.