Reference no: EM133185534
Question - GG Na Company has been undergoing liquidation since January 1. As of March 31, its condensed statement of realization and liquidation is presented below:
Assets:
Assets to be realized P95,000
Assets acquired 5,000
Assets realized 30,000
Assets not realized 42,000
Liabilities:
Liabilities liquidated 35,000
Liabilities not liquidated 31,850
Liabilities to be liquidated 65,000
Liabilities assumed 1,500
Revenues and Expenses:
Sales on account 5,000
Purchases 1,500
Payment of expenses of trustee 7,500
Sales for cash 25,000
Interest on marketable securities 150
Required - Find the net gain (loss) for the three-month period ending March 31?
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