A Trustee's statement of realization and liquidation is presented below: Assets to be realized: Accounts receivable $15,000, Inventory $41,000, Equipment $88,000. Assets acquired: None. Liabilites liquidated: Notes payable $45000. Liabilities not liquidated: Accounts payable $90,000, Notes payable 110,000, gain on realization 7,000, gain on liquidation 5,000, combined total $401,000 Assets realized: accounts receivable 9,000, Inventory 18,000, Equipment 23,000. Assets not realized: Accounts receivable 6,000, inventory 20,000, equipment 72,000. Liabilites to be liquidated: Accounts payable 90,000, Notes payable 160,000. Liabilites incurred: None loss on realization 3,000 combined total 401,000

Reconstruct, in journal entry form, the trustee's transactions for the period.