A trustee has been appointed for Pace Inc., which is being liquidated under Chapter 7 of the Bankruptcy Reform Act. The following transactions 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 the inventory transferred from Pace.

2. The trustee sold all the marketable securities of \(\$ 12.000\) for \(\$ 10.500\).
3. Receivables collected by the trustee:

4. Recorded \(\$ 16,000\) depreciation on the plant assets of \(\$ 96,000\) transferred from Pace.
5. Disbursements by the trustee:

\section*{Required}
Prepare a statement of realization and liquidation according to the traditional approach illustrated in the chapter.

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Old: $21,000 of the $38,000 transferred New: $47,000