Answer the following problem below. Show your work, and explain your work step by step. Explain your answer properly and thoroughly.

The Ripon Company's balance sheet immediately before it went into receivership is presented below:

ASSETS:

Cash$60,000

Accounts Receivable (net of allowance of $10,000)$180,000

Inventory$400,000

Property, Plant, and Equipment (net accumulated depreciation of $200,000)$800,000

TOTAL ASSETS$1,440,000

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LIABILITIES and STOCKHOLDERS? EQUITY:

Accounts Payable$400,000

Wages Payable$90,000

Notes Payable$400,000

Mortgage Payable$600,000

Total Liabilities:$ 1,490,000

Common Stock$100,000

Additional-Paid-In-Capital$200,000

Deficit in Retained Earnings($350,000)

Stockholders? Equity($50,000)

TOTAL LIABILITIES and STOCKHOLDERS? EQUITY$1,440,000

Additional Information:

On January 1, 2009, the assets were transferred to Leslie Gage, a trustee appointed by the bankruptcy court. During January 2009, the trustee had the following transactions:

1) Sold the inventory for $480,000 on account.

2) Collected $160,000 of the old accounts receivable and $240,000 of the new accounts receivable.?

?3) Recorded $60,000 of depreciation expense and $8,000 of bad debts expense.

4) Paid $200,000 of the accounts payable.

5) Paid $60,000 of the Wages Payable. The remaining $30,000 is to the president of Ripon and will not be paid until further investigation is completed.

6) Paid $20,000 for receiver's expenses.?

?Required:Prepare a Statement of Realization and Liquidation for the month of January, 2009.

Again.. Answer the following problem above. Show your work, and explain your work step by step. Explain your answer properly and thoroughly.

Answer the following problem below. Show your work, and explain your work step by step. Explain your answer properly and thoroughly. The Ripon Company's balance sheet immediately before it went into receivership is presented below: ASSETS: Cash $60,000 Accounts Receivable (net of allowance of $10,000) $180,000 Inventory $400,000 Property, Plant, and Equipment (net accumulated depreciation of $200,000) $800,000 TOTAL ASSETS $1,440,000 ``````````````````````````````````````````````````````````````````````````````````````````````````````````````````````````````` LIABILITIES and STOCKHOLDERS' EQUITY: Accounts Payable $400,000 Wages Payable $90,000 Notes Payable $400,000 Mortgage Payable $600,000 Total Liabilities: $ 1,490,000 Common Stock $100,000 Additional-Paid-In-Capital $200,000 Deficit in Retained Earnings ($350,000) Stockholders' Equity ($50,000) TOTAL LIABILITIES and STOCKHOLDERS' EQUITY $1,440,000 Additional Information: On January 1, 2009, the assets were transferred to Leslie Gage, a trustee appointed by the bankruptcy court. During January 2009, the trustee had the following transactions: 1) Sold the inventory for $480,000 on account. 2) Collected $160,000 of the old accounts receivable and $240,000 of the new accounts receivable. 3) Recorded $60,000 of depreciation expense and $8,000 of bad debts expense. 4) Paid $200,000 of the accounts payable. 5) Paid $60,000 of the Wages Payable. The remaining $30,000 is to the president of Ripon and will not be paid until further investigation is completed. 6) Paid $20,000 for receiver's expenses. Required: Prepare a Statement of Realization and Liquidation for the month of January, 2009. Again.. Answer the following problem above. Show your work, and explain your work step by step. Explain your answer properly and thoroughly