Problem 21-6 (LO 5) Preparation of a statement of realization and liquidation. Problem 21-5 presents the balance sheet of St. John Corporation as of the end of the prior year. Assume that the company is not able to service its debts and is unable to secure any significant restructuring arrangements from its primary lenders. As a result, St. John has decided to liquidate the corporation and has submitted a plan for liquidation. The plan has received all necessary approvals, and the liabilities affected by the plan are described as follows:

I need the complete: Statement of Realization and Liquidation

Problem 21-5 (LO 1) Recording restructuring transactions. St. John Corporation is barely solvent and has been seeking an equity investor that would be interested in making a capital contribution so that the company would hopefully return to performance levels it had experienced in the past. At the end of the prior year, the company's balance sheet was as follows Assets Liabilities and Equity .. . 812,000 400,000 2,100,000 820,000 1,500,000 220,000 200,000 100,000 (200,000) $5,952,000 380,000 Note payable-officer 240,000 Bank B note payable.. 1,300,000 Mortgage payable 210,000 Paid-in capital in excess of par Investment in Sky Industries