P1-5 (Algo) Using Financial Reports: Applying the Accounting Equation to Liquidate a Company LO1-1 On June 1 of the current year, 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: Shortly thereafter, all of the assets were sold for cash. Required: 1. How would the statement of financial position appear immediately after the sale of the assets for cash for each of the following coses? (Enter any decreases to account balances with a minus sign.) 2. How should the cash be distributed in each separate case? (Hint: Creditors must be paid in full before owners receive any payment) P1-5 (Algo) Using Financial Reports: Applying the Accounting Equation to Liquidate a Company LO1-1 On June 1 of the current year, 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: Shortly thereafter, all of the assets were sold for cash. Required: 1. How would the statement of financial position appear immediately after the sale of the assets for cash for each of the following coses? (Enter any decreases to account balances with a minus sign.) 2. How should the cash be distributed in each separate case? (Hint: Creditors must be paid in full before owners receive any payment)