Big Co's financial position prior to liquidation is as follows:

Assets:

Cash 80,000

Accounts receivable 440,000

Note receivable 200,000

Inventory 1,060,000

Prepaid assets 20,000

Land 1,000,000

Building, net 4,000,000

equipment, net 600,000

Total 7,400,000

Liabilities and Equity

Accrued expenses 442,000

current tax payable 700,000

Accounts payable 2,000,000

Note payable 600,000

Loan payable 4,000,000

Share capital 1,000,000

Retained Earnings(deficit) (1,342,000)

Total 7,400,000

Big Co.'s liquidation is entrusted to Small, a receiver.

Information on January 1. 20x1:

-interest of 20,000 is expected to be collected on the note and interest of 30,000 is expected to be paid on the loan.

-liquidation costs of 60,000 are expected to be incurred.

Information on transactions for the six months ended June 30, 20x1:

-only 75% of the total account receivable was collected. The remaining balance was written-off

-the interest on the note was collected in full but only 180,000 was collected on the principal. the remaining balance was written off

-inventory with book value of 530,000 was sold for 590,000

-the prepaid assets were written off

-the land and building were sold for 5,200,000, while the equipment was sold for 440,000

-only 50,000 of the accrued expenses were paid. the balance remains outstanding

-the current tax payable was paid in full

-the loan payable and interest payable were paid in full

-the lender accepted 440,000 as full settlement of the note payable

-actual administrative expenses paid amounted to 54,000

Questions:

what are the journal entries of the following:

1. opening journal entries
2. new assets and liabilities
3. transactions during 20x1

prepare the statement of realization and liquidation

what is the ending balance of cash?

what is the ending balance of the estate deficit account and make a reconciliation for the computed cash balance