The following is a partial list of balances for the Snowden Company as of December 31 of the current year. Prepare journal entries to close the pertinent accounts, using the 2-step process. Cash $ 110,000 Accounts Receivable 94,000 Prepaid Insurance 3,200 Equipment 250,000 Accounts Payable 12,000 Common Stock 95,000 Dividends 15,000 Fees Earned 240,000 Rent Expense 40,000 Wages Expense 55,000 Insurance Expense 24,000 Miscellaneous Expense 8,400

In 2015, lori assigned a paid-up whole life insurance policy to an irrevocable life insurance trust (ilit) for the benefit of her three children. the ilit contained a crummey provision for the benefit of each child. at the time of the transfer, the whole life insurance policy was valued at $200,000, and since lori had not made any other taxable gifts during her lifetime, she did not owe any gift tax. lori died in 2016, and the face value of the whole life insurance policy of $2,000,000 was paid to the ilit. regarding this transfer, how much is included in lori’s gross estate at her death?