Lynch, Inc., is a hardware store operating in Boulder, Colorado. Management recently made some poor inventory acquisitions that have loaded the store with unsalable merchandise. Because of the drop in revenues, the company is now insolvent. The entire inventory can be sold for only $33,400. The following is a trial balance as of March 14, 2020, the day the company files for a Chapter 7 liquidation: Accounts payable Accounts receivable Accumulated depreciation, building Accumulated depreciation, equipment Additional paid-in capital Advertising payable Building Cash Common stock Equipment Inventory Investments Land Note Payable-Colorado Savings and Loan (secured by lien on Land and building) Note Payable-First National Bank (secured by equipment) Payroll taxes payable Retained earnings (deficit) Salaries payable (owed equally to two employees) Totals Debit Credit $ 33,400 $ 25,900 50,600 16,400. 8,250 4,030 82,900 1,070 52,700 32,900 122,000 15,700 11,500 71,400 180,830 1,260 132,000 5,100 $423,970 $ 423,970 Company officials believe that 60 percent of the accounts receivable can be collected if the company is liquidated. The building and land have a fair value of $77,000, and the equipment is worth $20,300. The investments represent shares of a nationally traded company that can be sold at the current time for $21,200. Administrative expenses necessary to carry out a liquidation would approximate $16,400. Prepare a statement of financial affairs for Lynch, Inc., as of March 14, 2020.