Jaez Corporation is in the process ofgoing through a reorganization. As of December 31,2009. the com¬ pany’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 appropriate form.

Book Value Fair Value LO4 Assets Cash. $ 23,000 $ 23,000 Inventory. 45,000 47,000 Land.140,000 210,000 Buildings. 220,000 260,000 Equipment.154,000 157,000 Allowed Expected Claims Settlement Liabilities as of the date of the order for relief Accounts payable.

$ 123,000

$ 20,000 Accrued expenses.

30,000 4,000 Income taxes payable.

22,000 18,000 Note payable (due 2012, secured by land).

100,000 100,000 Note payable (due2014).

170,000 80,000 Liabilities since the date of the order for relief Accounts payable.

$60,000 Note payable (due2011).

110,000 Stockholders' equity Common stock.

$ 200,000 Deficit.

(233,000)