Assets
Cash	$ 2,000
Accounts Receivable	100,000
Merchandise	200,000
Prepaid expenses	25,000
Land ,buildings, and equipment, net	500,000
Intangible Assets	300,000
Total assets	1,127,000
Liabilities and stockholders equity
Accounts payable	300,000
Accrued wages (priority)	100,000
Accrued wages (priority)	80,000
Loan payable	500,000
Note payable	150,000
Capital stock	100,000
Retained earnings (deficit)	(103,000)

Total liabilities and stockholders equity

1,127,000

Additional Information :

1. it is estimated that $50,000 of the accounts receivable will be collected.
2. The merchandise will likely be sold to a computer at a price approximating 40% of book value.
3. No recovery of prepaid expenses is expected. The intangible assets have no realizable value .
4. Land, equipment and buildings are appraised at a of $700,000. Included in this amount is equipment with a book value of $175,000 and realizable value of $125,000 pledged as security on the note payable.

Required:

1. prepare a statement of affairs for Fini Corporation