Mallory Corporation Is Being Liquidated Under Chapter 7 of the Bankruptcy

Mallory Corporation is being liquidated under Chapter 7 of the Bankruptcy Act.On May 1, 20X5, you are appointed the court's trustee for the liquidation.The book values for assets and liabilities, on May 1, 20X5, were as follows:
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$$\begin{array} { l r } \text { Cash } & \$ 4, 000 \\\text { Accounts receivable (net) } & 80,000 \\\text { Inventories } & 200,000 \\\text { Land and building (net) } & 340,000 \\\text { Machinery (net) } & 100,000 \\\text { Accounts payable } & 180,000 \\\text { Salaries payable (eligible for priority) } & 60,000 \\\text { Income tax payable } & 14,000 \\\text { Trustee's fee payable } & 20,000 \\\text { Mortgage payable } & 240,000 \\\text { Bank loan payable } & 90,000\end{array}$$ During May through July of 20X5, the following occurred:
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The mortgage is secured by the land and building and the bank loan is secured by the machinery.The accounts payable are secured by the inventories.
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Three-fourths of the accounts receivable were collected.Of the remaining accounts, $10,000 are believed to be uncollectible.
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The inventories were sold for $170,000.
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The land and building were sold for $20,000 and assumption of the mortgage.The machinery sold for $70,000 and the proceeds were remitted to the bank.
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Salaries payable and $170,000 of the accounts payable were paid.
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Required:
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Complete Figure 21-A: Statement of Realization and Liquidation for May, June, and July of 20X5.
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