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 financial condition to be as follows:

COMFORT MATTRESS CORPORATION
Balance Sheet
March 17, 2016
Cash	$15,000		Accounts Payable	$485,000
Accounts receivable	120,000		Loan payable (secured by inventory)	225,000
Inventory of merchandise	500,000		Notes payable (secured by fixtures)	60,000
Store fixtures, net	150,000		Stockholders' equity	15,000
Total assets	$785,000		Total liabilities and equity	$785,000

From March 17 through June 30, the following occurred: 1. Collected accounts receivable of $80,000; the remaining accounts are deemed to be uncollectible. 2. Held a ''going out of business sale.'' Sold inventory costing $310,000 for $298,000. Paid expenses of conducting the sale, amounting to $75,000. 3. Sold the remaining inventory to a liquidator for $60,000. 4. The receiver terminated the store's lease; the lease provides for a termination penalty of $25,000, which was accrued. 5. Sold the store fixtures at auction for a net of $40,000. 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

a. Prepare a statement of realization and liquidation as of June 30, 2016.

b. Compute the remaining cash and determine how it is disbursed, assuming no further expenses.