You receive a phone call from an attorney stating that a long-lost relative has passed away and has left you a small inheritance based on her formal will. you have been named the executor. based on what you learned in the module, what does it mean to have a formal will? what are the responsibilities of the executor, and what could happen if someone does not have a will?

At the beginning of 2014, winston corporation issued 10% bonds with a face value of $2,000,000. these bonds mature in five years, and interest is paid semiannually on june 30 and december 31. the bonds were sold for $1,852,800 to yield 12%. winston uses a calendar-year reporting period. using the effective-interest method of amortization, what amount of interest expense should be reported for 2014? (round your answer to the nearest dollar.)