On June 1, 2012, Bland Corporation prepared a statement of financial position just prior to going out of business. The totals for the three main components showed the following:

Assets (no cash)

Liabilities 50,000 40,000 Shortly thereafter, all of the assets were sold for cash.

Cash equivalents are short-term investments readily convertible into cash and whose value is unlikely to change.

Required:

1.How would the statement of financial position appear immediately after the sale of the assets for cash for each of the following cases? Use the format given here.

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Balances Immediately after Sale Cash Received for the Assets Assets. Case A $ 90,000 Case B 80,000 Case C Case D 100,000 35,000 Liabilities $$ 69 69 Shareholders' Equity S $ S Total 2. How should the cash be distributed in each separate case? (Hint: Creditors must be paid in full before owners receive any payment.) Use the format given here: Case A Case B Case C Case D To Creditors To Shareholders $ 6A SA 6A A