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Advanced Method

Step 13:   Update the share accounts.

The record-keeper should first make a new payments account for the lot being auctioned: 

Example #1:

 

Next, the record-keeper should update the share accounts:

 

 

 

Notice that each recipient ends up with cash and property worth $875, which is appropriate since they're getting equal shares.  If these values aren't equal, then the record-keeper should check his or her calculations.  When the share accounts are completed, the record-keeper should show all the recipients their share accounts:

Example #2:

Here's the payments account for the Nappi auction, in which $90,000 and four items were distributed.  Jack receives 1/2 of the estate, Sophie 1/3, and the church 1/6.  There are no entitlements or outside bidders.  In the auction, Jack won the house, Sophie the quilt and car, and the church the ABC stock.

Here are the share accounts for this auction:

Notice that the Nappi estate has a total value of $122,100 (Jack's share) + $81,400 (Sophie's share) + $40,700 (the church's share) = $244,200.  Jack's share is $122,100/$244,200, or 1/2 of the total. Sophie's is $81,400/$244,200, or 1/3 of the total.  The church's is $40,700/$244,200, or 1/6 of the total. 

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Copyright 2004  Lori Alden.  All rights reserved.