The Balance Sheet of Fracaso Company Is as Follows All Liabilities Are Unsecured

The balance sheet of Fracaso Company is as follows:
$$\begin{array} { | l | r | l | c | } \hline \text { Cash } & \$ 20 & \text { Loans payable } & \$ 2,670 \\\hline \text { Accounts receivable } & 150 & \text { Shareholders' equity } & \{ 150 \} \\\hline \text { Merchandise } & 350 & & \\\hline \text { Plant and equipment, net } & \underline { 2,000 } & & \\\hline & \$ 2,520 & & \$ 2,520 \\\hline\end{array}$$ All liabilities are unsecured. Fracaso enters Chapter 7 bankruptcy proceedings. During the next two months, the following transactions were completed:
•Received $125 from customers in payment of reported receivables. The rest of the receivables were determined to be uncollectible.
•Sold all merchandise for $300 in cash.
•Sold plant and equipment with a book value of $1,800 for $1,600.
•Accrued trustee expenses of $10.
•Paid $2,000 of loans.
Required
Prepare a statement of realization and liquidation for the two-month period.