BAYLINER BOAT CHARTERS BALANCE SHEET OCTOBER 31, 20- $ Assets Bank Accounts Receivable Supplies Property Equipment Boats Total Assets Liabilities 900 Bank Loan I 050 Accounts Payable | 250-500 Mortgage Payable 175 000 18001 Total Liabilities 4 390 06 Owner's Equity 32 850250 J. Litz, Capital $215 440 Total Liabilities and Equity $ 18 000 3 740 80 000 $101 740 113 700 $215 440 Mr. Litz is past retirement age and is finding the business more than he can comfortably handle. He has attempted to sell it intact, but has been unsuccessful. He has decided, therefore, to sell the assets for cash and pay off the claims of the creditors. In this way, he can get his equity out of the business. Mr. Litz hires a liquidator to help him. Through this person's services, the accounts receivable are collected in full. The supplies are sold for $500; the equipment is sold for $2000; the boats are sold for $20 350; and the prop- erty is sold for $180 000. The liquidator charges $1500. A. Prepare a detailed calculation showing how much Mr. Litz will receive as a result of his claim against the assets. B. Why would the owner prefer to sell the business intact rather than the assets