Bayer Company uses the periodic inventory system. Bayer Company sold goods on account with a retail price of $800 and a cost of $500. What journal entries are prepared? A. debit Accounts Receivable for $ 500 and credit Sales Revenue for $ 500 .
B. debit Inventory for $ 500 and credit Purchases for $ 500 .
C. debit Accounts Receivable for $ 800 and credit Sales Revenue for $ 800 , debit Cost of Goods Sold for $ 500 and credit Inventory for $ 500 .
D. debit Accounts Receivable for $ 800 and credit Sales Revenue for $ 800 .

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?