Use the trial balance presented for Lynch, Inc., in problem (45). Assume that the company will be liquidated and the following transactions will occur:

• Accounts receivable of $18,000 are collected with remainder written off.

• All of the company's inventory is sold for $40,000.

• Additional accounts payable of $10,000 incurred for various expenses such as utilities and maintenance are discovered.

• The land and building are sold for $71,000.

• The note payable due to the Colorado Savings and Loan is paid.

• The equipment is sold at auction for only $11,000 with the proceeds applied to the note owed to the First National Bank.

• The investments are sold for $21,000.

• Administrative expenses total $20,000 as of July 23, 2013, but no payment has yet been made.

a. Prepare a statement of realization and liquidation for the period from March 14, 2013, through July 23, 2013.

b. How much cash would be paid to an unsecured, non-priority creditor that Lynch, Inc., owes a total of $1,000?