On June 1, 20X5, the books of Dremer Corporation show assets with book values and realizable values as follows: Assets R

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On June 1, 20X5, the books of Dremer Corporation show assets
with book values and realizable values as follows:
Assets
Realizable
Book Value
Value
Cash
$ 1,850
$ 1,850
Accounts Receivable (net)
21,200
17,000
Note Receivable
15,000
15,000
Inventory
41,000
20,000
Investment in Calandir Stock
5,800
15,000
Land and Building (net)
98,500
92,800
Equipment (net)
43,000
8,000
Totals
$226,350
$169,650
Dremer's books show the following liabilities:
Liabilities
Book Value
Accounts payable (50,000 secured by inventory
and equipment)
$ 90,625
Wages payable (eligible for priority)
3,775
Other Accrued Liabilities
10,000
Accrued interest on notes payable
375
Accrued interest on mortgage payable
600
Notes payable (secured by Investment in Calandir Stock)
10,000
Mortgage payable (secured by land and building)
70,000
Total
$185,375
Using the following information, prepare a Statement of
Realization and Liquidation for Dremer Inc. for the period of
6/1/X5 to 6/30/X5.
No subsequent discoveries
Sale of Calandir Securities at a market value of $16,000
Collection of Note Receivable into cash $15,000
Sale of Equipment at $7,000
Sale of Inventory at $22,000
Partial Payment of Accounts Payable $29,000
Payment of Note Payable $10,375