Losses(gains) assets on realizations

RP CFV L(G)
AR 46,080 51,200 5,120
Inventories 124,160 230,400 106,240
Land and Building 640,000 768,000 128,000
Intangible assets 0 166,400 166,400 405,760
Expenses during Liq 52,480
Net Loss 458,240
Journal Entry
Assets to be realized Assets realized:
AR 51,200 AR
Inventories 230,400 Inventories
Land and Building 768,000 Land and Building
Intangible assets 166,400 1,216,000

assets Acquired: Assets not realized:

- -

Liabilities Liquidated: Liabilities to be liquidated:

Accounts payable 136,533.33 Accounts payable
Notes payable 109,226.67 Notes payable
Deferred revenue 6,400 Deferred revenue
Wages payable 19,200 Wages payable
Mortgage note payable 512,000 Mortgage note payable
Liability to Trustee 52,480 835,840.00
Libilities Assumed:
Liabilities not Liquidated: Liability to Trustee
Accounts payable 183,466.67
Notes payable 146,773.33 330,240

Supplementary Debit: Supplementary Credits

Liquidation Expense 52,480 -
Sub-total 2,434,560
Net loss
Total 2,434,560 Total
 46,080
124,160
640,000 810,240

320,000
256,000
6,400
19,200
512,000 1,113,600

52,480

1,976,320
458,240
2,434,560
Liab FV Class W/ Priority W/o Priority

Accounts payable 320,000 W/o 320,000

Notes payable 256,000 W/o 256,000
Deferred revenue 6,400 w 6,400
Wages payable 19,200 w 19,200
Mortgage note payable 512,000 w 512,000
Payable to trustee w 52,480
Total 1,113,600 590,080 576,000
 NRV

136,533.33 Cash 25,600

109,226.67 AR 46,080
Inventories 124,160
Land and Building 640,000
Intangible assets 0
Total Assets 835,840
245,760.00 Liabilities with Priority 590,080
Net free Assets 245,760

Recovery Percentage= Net Free Assets 245,760 42.67%

576,000