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On June 1, 2021, Bland Corporation prepared a statement of financial position just prior to going out of business. The totals for the three main
On June 1, 2021, Bland Corporation prepared a statement of financial position just prior to going out of business. The totals for the three main components showed the following: Assets (no cash) Liabilities Shareholders' equity $ 113,000 72,000 41,000 Required: 1. How would the statement of financial position appear immediately after the sale of the assets for cash for each of the following cases? (Enter any decreases to account balances with a minus sign.) Cash Received for the Assets Balances Immediately after Sale Assets Liabilities Shareholders' Equity S nces Case A Case B Case C Case D 113.000 98,000 128.000 41,500 2. How should the cash be distributed in each separate case? (Hint: Creditors must be paid in full before owners receive any payment.) To Creditors To Shareholders Total Case A Case B Case C Case D
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