Anteium Company owes $82,500 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 $49.200. The land originally cost Anteium $32.200 when acquired several years ago. The only other account balances for this company are Investments of $20,700 (but worth $25,700), Accounts Payable of $21.400. Common Stock of $40,800, and a deficit of $89.200. Anteium is insolvent and attempting to arrange a bankruptcy reorganization so the business can continue to operate and the employees can retain their jobs. The reorganization value of the company is $82,000. View each of the following as an independent situation: o. On a statement of financial affairs, how would this note be reported? How would the land be shown? b. Assume that Anteium develops an acceptable reorganization plan. Sixty percent of the common stock is transferred to the bank to settle that particular obligation. A 7 percent, three-year note payable for $5.270 is used to settle the accounts payable. How would Anteium record the reorganization? c. Assume that Anteium is liquidated. The land and investments are sold for $51.200 and $26.700, respectively. Administrative expenses amount to $11,200. How much will the various parties collect? Complete this question by entering your answers in the tabs below. Required A Required B Required Assume that Anteium develops an acceptable reorganization plan. Sixty percent of the common stock is transferred to the bank to settle that particular obligation. A 7 percent, three-year note payable for $5,270 is used to settle the accounts payable. How would Anteium record the reorganization? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your final answers to nearest whole dollar amount.) Show less A View transaction list View journal entry worksheet No Transaction General Journal Debit Credit 1 1 Land Investments Goodwill Additional paid-in capital 2 2 2 Note payable Additional paid-in capital Gain on discharge of debt 3 3 Accounts payable Note payable Gain on discharge of debt 4 Gain on discharge of debt Additional paid-in capital Retained earnings Anteium Company owes $82,500 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 $49.200. The land originally cost Anteium $32.200 when acquired several years ago. The only other account balances for this company are Investments of $20,700 (but worth $25,700), Accounts Payable of $21.400. Common Stock of $40,800, and a deficit of $89.200. Anteium is insolvent and attempting to arrange a bankruptcy reorganization so the business can continue to operate and the employees can retain their jobs. The reorganization value of the company is $82,000. View each of the following as an independent situation: o. On a statement of financial affairs, how would this note be reported? How would the land be shown? b. Assume that Anteium develops an acceptable reorganization plan. Sixty percent of the common stock is transferred to the bank to settle that particular obligation. A 7 percent, three-year note payable for $5.270 is used to settle the accounts payable. How would Anteium record the reorganization? c. Assume that Anteium is liquidated. The land and investments are sold for $51.200 and $26.700, respectively. Administrative expenses amount to $11,200. How much will the various parties collect? Complete this question by entering your answers in the tabs below. Required A Required B Required Assume that Anteium develops an acceptable reorganization plan. Sixty percent of the common stock is transferred to the bank to settle that particular obligation. A 7 percent, three-year note payable for $5,270 is used to settle the accounts payable. How would Anteium record the reorganization? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your final answers to nearest whole dollar amount.) Show less A View transaction list View journal entry worksheet No Transaction General Journal Debit Credit 1 1 Land Investments Goodwill Additional paid-in capital 2 2 2 Note payable Additional paid-in capital Gain on discharge of debt 3 3 Accounts payable Note payable Gain on discharge of debt 4 Gain on discharge of debt Additional paid-in capital Retained earnings