On January 1, 2020, the records of Michael Anthony, trustee in bankruptcy for VC Corporation

showed the following:

Cash 8,200

Assets not realized:

Land 10,000

Buildings 43,000

Equipment 28,000

Patent 4,400

Liabilities not liquidated

Accounts Payable 80,000

Loans Payable 40,000

Deficit 26,400

During January, Michael sold equipment having a book value of P15,000 for 8,800 and sold patents

for 12,000. Michael was paid a trustee fee of 1,300 and 21,000 was distributed