Candice Company is currently going through bankruptcy reorganization. The accountant has determined the following balances of the accounts at December 31, 2011. Prepare the balance sheet for Candice Company.

assets	book value	fair value
cash	$30000	$30000
inventory	50000	51000
land	80000	100000
building	70000	95000
equipment	40000	42000
liabilities as of the due date of the order of relief	allowed claims	expected settlement
accounts payable	110000	70000
accrued expenses	40000	15000
income tax payable	24000	19000
note payable secured by land due 2013	75000	75000
liabilities since the date of the order of relief
accounts payable	65000
note payable due 2012	50000
common stock	100000

Prepare the balance sheet for Candice Company. Retained earnings will need to be calculated.

Retained earnings will need to be calculated.