LO 3 P15.7 Statement of Realization and Liquidation Comfort Mattress Corporation, a retailer, decided to liquidate in the face of an extreme cash shortage. By agreement with creditors, a receiver was appointed to manage the liquidation. Upon appointment, the receiver found the company's balance sheet to be as follows: MBC COMFORT MATTRESS CORPORATION Balance Sheet March 17, 2020 Cash.. Accounts receivable... Inventory of merchandise. Store fixtures, net. $ 5,000 140,000 600,000 200,000 $945,000 Accounts payable.. Loan payable (secured by inventory). . Note payable (secured by fixtures). Shareholders' equity Total liabilities and equity. $550,000 300,000 100,000 (5,000) $945,000 Total assets From March 17 through June 30, the following occurred: 1. Collected accounts receivable of $100,000; the remaining accounts are deemed to be uncollectible and written off. 2. Held a "going out of business sale. Sold inventory costing $400,000 for $350,000. Paid expenses of conducting the sale, amounting to $80,000. 3. Sold the remaining inventory to a liquidator for $50,000. 4. The receiver terminated the store's lease; the lease provides for a termination penalty of $35,000, which was accrued. 5. Sold the store fixtures at auction for a net of $75,000. 6. Accrued the receiver's fee of $50,000. 7. Paid the secured creditors to the extent of the realized value of their security. Required Prepare a statement of realization and liquidation as of June 30, 2020. b. Compute the remaining cash and determine how it is disbursed, assuming no further expenses. a