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

Assets Book Value Fair Value Cash $ 30,000 $30,000 Inventory 50,000 51.000 Land 80,000 100.000 Building 70.000 95.000 Equipment 40,000 42,000 Liabilities as of the date of the order of relief Allowed claims Expected Settlement Accounts Payable $110.000 $70.000 Accrued Expenses 40,000 1.5,000 Income taxes payable 24,000 19,000 Note payable secured by land due 2013 75,000 75.000 Liabilities since the date of the order of relief Accounts Payable $ 65,000 Note Payable due 2012 50,090 Common Stock $100,000