P1.5 (Algo) Using Financial Reports: Applying the Accounting Equation to Liquidate a Company LO1.1 On fune 1 of the current year, Bland Corporation prepared a statement of financisl position just prior to going out of business. The totals for the throe mein components showed the following: Shortly thereatter, ol of the sssets were sold for cash. Required: 1. How would the statement of financial position eppear immediately after the sole of the assets for cash for each of the following coses? (Enter any decreases to account balences with a minus sign.) 2 How thould the cash be distributed in esch separate cate? (Hint: Creditors muat be pald in full before owners receive any payment) 2. Prepare a statement of changes in equity for the year ended December 31 . 3. Prepare a statement of financial position at December 31