Anteium Company owes $$80,500$ on a note payable that is currently due. The note is held by a local bank and is secured by a mortgage lien attached to three acres of land worth $$50,500.$ The land originally cost Anteium $$33,500$ when acquired several years ago. The only other account balances for this company are investments of $$22,300($worth $$27,300),$ accounts payable of $$21,600,$ common stock of $$43,500,$ and a deficit of $$89,800.$ Anteium is insolvent and attempting to arrange a bankruptcy reorganization so the business can continue to operate and employees can retain their jobs. The reorganization value of the company is $$82,900.$

View each of the following as an independent situation:

Required:

a$.$ On a statement of financial affairs, how is the note payable reported? How is the land shown?

b$.$ Assume that Anteium develops an acceptable reorganization plan. Sixty percent of the common stock is transferred to the bank to settle the note payable. A $7$ percent, three$-$year note payable for $$5,280$ is issued to settle the accounts payable. How would Anteium record the reorganization?

c$.$ Assume that Anteium is liquidated. The land and investments are sold for $$52,500$ and $$28,300,$ respectively. Administrative expenses amount to $$13,420.$ How much will the various parties collect?

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Assume that Anteium develops an acceptable reorganization plan. Sixty percent of the common stock is transferred to the bank to settle the note payable. A $7$ percent, three$-$year note payable for $$5,280$ is issued to settle the accounts payable. How would Anteium record the reorqanization?