A trustee has been appointed for Pace Inc., which is being liquidated under Chapter 7...
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A trustee has been appointed for Pace Inc., which is being liquidated under Chapter 7 of the Bankruptcy Code. The following occurred after the assets were transferred to the trustee: 1. Sales on account by the trustee were $75,000. Cost of goods sold were $60,000, consisting of all inventory transferred from Pace. 2. The trustee sold all $12,000 worth of marketable securities for $10,500. 3. Receivables collected by the trustee: 4. Depreciation of $16,000 on the plant assets of $96,000 transferred from Pace recorded. 5. Disbursements by the trustee: Required: Prepare a statement of realization and liquidation according to the traditional approach illustrated in the chapter
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