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 $76,500. Cost of goods sold were $61,100, consisting of all inventory transferred from Pace. 2. The trustee sold all $13,500 worth of marketable securities for $10,200. 3. Receivables collected by the trustee: of the $39,800 old: $20,900 transferred New: $45,500 4. Depreciation of $16,900 on the plant assets of $96,700 transferred from Pace recorded. 5. Disbursements by the trustee Old current payables: Trustee's expenses: of the $49,800 transferred $23,200 5,700 Required Prepare a statement of realization and liquidation according to the traditional approach illustrated in the chapter. Answer is complete but not entirely correct. PACE CORPORATION Statement of Realization and Liquidation Assets Assets to be Realized Old receivables, net Marketable securities Old inventory Assets Realized 39,800 Old receivables 13,500New receivables $ 20,90 45,500 Marketable securities 0,200 epreciable assets, 96,700Sales of inventory 76,500 net Assets Acquired New receivables Assets Not Realized 76,500 Old receivables, net 18,900 receivables. 56,500X 56,500 net Depreciable assels60,0008 Supplementary Items Supplementary Charges Trustee's fee Supplementary Credits $ 5,700Net loss Liabilities $ 5,90 Liabilities to be Liabilities Liquidated Liquidated nt payables 23,2ay 40.800 Old current payables23,200ou auret 49.800