Volunteers Inc is in the process of liquidating and out going out of business. The firm has $69,820in cash, inventory totaling $214,000, accounts receivable of $144,000, plant and equipment with a $384,000 book value, and total liabilities of $614,000. It is estimated that the inventory can be disposed of in a liquidation sale for 75% of its cost, all but 15% of the accounts receivable can be collected, and plant and equipment can be sold for $420,000.

Describe how the difference between book value and liquidation value would be treated on the final income statement for Volunteers Inc with respect to the following assets, inventor, account receivables, and plant and equipment. What income statement accounts would be affected when these assets are sold or collected as described above?