On June 1, 2014, Bush Company prepared a statement of financial position that shows the following:
Assets (no cash) ₤100,000
Liabilities 75,000
Equity 25,000
Shortly thereafter, all of the assets were sold for cash. How would the statement of financial position appear immediately after the sale of the assets for cash for each of the following cases?

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The Answer of On June 1, 2014, Bush Company prepared a statement of financial position that shows the following:
Assets (no cash) ₤100,000
Liabilities 75,000
Equity 25,000
Shortly thereafter, all of the assets were sold for cash. How would the statement of financial position appear immediately after the sale of the assets for cash for each of the following cases?

On June 1, 2014, Bush Company Prepared a Statement of Financial