Jaez Corporation is in the process of going through a reorganization. As of December 31, 2017, the company's accountant has determined the following information although the company is still several months away from emerging from the bankruptcy proceeding. Prepare a balance sheet in the appropriate form.

Transcribed Image Text:

Book Value Fair Value Assets Cash Inventory Land Bulldings Equipment $ 23,000 45,000 140,000 220,000 154,000 $ 23,000 47,000 210,000 260,000 157,000 Allowed Claims Expected Settlement Liabilities as of the date of the order for relief Accounts payable Accrued expenses Income taxes payable Note payable (due 2020, secured by land) Note payable (due 2022) 123,000 20,000 4,000 18,000 100,000 80,000 30,000 22,000 100,000 170,000 Liabilities since the date of the order for relief Accounts payable Note payable (due 2019) $60,000 110,000 Stockholders' equity Common stock Deficit $200,000 (233,000)