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3. The balance sheet of Brown Company as follows on March 1, 2011, when an interim trustee was appointed by the U.S. Trustee to assume control of Brown's estate in a Chapter 7 case. Assets Cash $8000 A/R-net 16,000 Inv. 72,000 Land 40,000 Buildings 200,000 Int. assets 52,000 Total Assets $388,000 Liabilities and Stockholder's Equity A/P $100,000 Notes Payable-unsecured 80,000 Unearned Revenue 2000 Wages Payable 6000 Mortgage Payable 160,000 Capital Stock 80,000 R.E. Deficit (40,000) Total L. & Equity $388,000 Also: 1. Creditors failed to elect a trustee, accordingly, the interim trustee becomes trustee for the case. 2. The land and buildings are pledged as security for the mortgage payable. 3. In January 2011, Brown received $2000 from customers as payment in advance for merchandise that is no longer marketed. 4. Activities of the trustee during March are summarized as follows: a. $14.400 is collected on A/R, the balance is uncollectible. b. All inventories are sold for $38,800 c. Land and buildings bring total of $180,000 d. Nothing is realized from the intangible assets. e. Administrative expenses of $16,400 are incurred by the trustee. Required: 1.Prepare a separate set of books for the trustee to assume possession of the estate and convert its assets into cash. 2. Prepare financial statements on March 31 for Brown in trusteeship(balance sheet, cash receipts and disbursements statement, and changes in estate equity statement). 3. Prepare journal entries on the trustee's books to distribute available cash to creditors and close the case. 3. The balance sheet of Brown Company as follows on March 1, 2011, when an interim trustee was appointed by the U.S. Trustee to assume control of Brown's estate in a Chapter 7 case. Assets Cash $8000 A/R-net 16,000 Inv. 72,000 Land 40,000 Buildings 200,000 Int. assets 52,000 Total Assets $388,000 Liabilities and Stockholder's Equity A/P $100,000 Notes Payable-unsecured 80,000 Unearned Revenue 2000 Wages Payable 6000 Mortgage Payable 160,000 Capital Stock 80,000 R.E. Deficit (40,000) Total L. & Equity $388,000 Also: 1. Creditors failed to elect a trustee, accordingly, the interim trustee becomes trustee for the case. 2. The land and buildings are pledged as security for the mortgage payable. 3. In January 2011, Brown received $2000 from customers as payment in advance for merchandise that is no longer marketed. 4. Activities of the trustee during March are summarized as follows: a. $14.400 is collected on A/R, the balance is uncollectible. b. All inventories are sold for $38,800 c. Land and buildings bring total of $180,000 d. Nothing is realized from the intangible assets. e. Administrative expenses of $16,400 are incurred by the trustee. Required: 1.Prepare a separate set of books for the trustee to assume possession of the estate and convert its assets into cash. 2. Prepare financial statements on March 31 for Brown in trusteeship(balance sheet, cash receipts and disbursements statement, and changes in estate equity statement). 3. Prepare journal entries on the trustee's books to distribute available cash to creditors and close the case