A trustee has been appointed for Pace Incorporated, which is being liquidated under Chapter $7$ of the Bankruptcy Code. The following occurred after the assets were transferred to the trustee:

Sales on account by the trustee were $$75,900.$ Cost of goods sold were $$60,600,$ consisting of all inventory transferred from Pace.

The trustee sold all $$12,700$ worth of marketable securities for $$9,600.$

Receivables collected by the trustee:

Old: $$19,600$ of the $$40,000$ transferred

New: $$46,500$

Depreciation of $$15,900$ on the plant assets of $$96,300$ transferred from Pace were recorded.

Disbursements by the trustee:

Old current payables:

$$23,200$ of the $$49,800$ transferred

Trustee's expenses: $$5,600$

Required:

Prepare a statement of realization and liquidation according to the traditional approach illustrated in the chapter.

PACE CORPORATION

Statement of Realization and Liquidation