Mandich Co. had the following amounts for its assets, liabilities, and stockholders' equity accounts just before filing a bankruptcy petition and requesting liquidation:

Net

Book Relizable

Value Value

Cash $10,000 10,000

Accounts receivable 100,000 60,000

Inventory 350,000 350,000

Land 110,000 80,000

Building & Equipment 700,000 380,000

Accounts payable 100,000

Salaries payable 60,000

Notes payable (secured by inventory) 300,000

Employee