The executor of Danny Mack's estate has listed the following properties at fair value: Cash $200,000, Life Insurance Receivable $500,000, Investment in Stocks and Bonds $50,000, Rental Property $100,000, and Personal Property $80,000. Additionally, the executor found $100,000 of various debts incurred before the decedent's death. The cost of Danny Mack's funeral was $20,000.Prepare a Charge and Discharge Statement for the estate.

      Charge & Discharge statement

Particulars                                Amount

Cash                                          $200,000

Life insurance receivable         $500,000

Investment in stock & bonds   $50,000

Rental property                         $100,000

Personal property                     $80,000

Balance before discharge      $930,000

Less: Discharge

Debts                   $100,000

cost of funeral     $20,000       $120,000

Leaving a principal balance    $810,000

a progressive tax is a tax that imposes a lower tax rate on low-income earners compared to those with a higher income, making it based on the taxpayer's ability to pay. that means it takes a bigger percentage from high income earners than it does from low income people.

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explanation: