Liquidation Basis of Accounting - Receivables, $30,000 - Inventory, $70,000 - Plant and equipment, $175,000 Expected costs of liquidating assets were $25,000. and liabilities are as follows: 1. Expected proceeds from reported assets other than cash are: - Receivables, $22,000 - Inventory, $20,000 - Plant and equipment, $160,000 2. Newly identified unreported assets can be liquidated for an estimated $8,000. 3. Expected costs of liquidating assets are $18,000. 4. A creditor holding a loan with a book value of $25,000 agrees to accept $15,000 as full payment. Required a. Prepare a statement of changes in net assets in liquidation as of June 1. Use negative signs with vour answers when appropriate b. Prepare a statement of net assets in liquidation as of June 1. Use a negative sign with your net assets answer, if appropriate