Jaez Corporation is in the process of going through a reorganization. As of December 31, 2017, the company's accountant has determined the following information although the company is still several months away from emerging from the bankruptcy proceeding. Book Value Fair Value Assets Cash Inventory Land Buildings Equipment $ 43,000 65,000 200,000 240,000 174,000 $ 43,000 67,000 260,000 280,000 177,000 Allowed Claims Expected Settlement $ Liabilities as of the date of the order for relief Accounts payable Accrued expenses Income taxes payable Note payable (due 2020, secured by land) Note payable (due 2022) Liabilities since the date of the order for relief Accounts payable Note payable (due 2019) Stockholders' equity Common stock Deficit $ 143,000 50,000 42,000 120,000 190,000 40,000 24,000 38,000 120,000 100,000 $ 80,000 130,000 $ 220,000 (253,000) Prepare a balance sheet in appropriate form. (Negative amounts should be indicated by a minus sign.) JAEZ CORPORATION Balance Sheet December 31, 2017 Current assets: $ 0 Land, buildings, and equipment: 0 $ 0 Total assets Liabilities not subject to compromise Current liabilities $ 0 Long-term liabilities: $ 0 Long-term liabilities: 0 $ 0 Liabilities subject to compromise es 0 $ 0 Total liabilities Stockholders' equity Total liabilities and shareholders' (deficit) $ 0