Oregon Corporation has filed a voluntary petition to reorganize under Chapter 11 of the Bankruptcy Reform Act. Its creditors are considering an attempt to force liquidation. The company currently holds cash of $20,000 and accounts receivable of $39,000. In addition, the company owns four plots of land. The first two (labeled A and B) cost $22,000 each. Plots C and D cost the company $34,000 and $39,000, respectively. A mortgage lien is attached to each parcel of land as security for four different notes payable of $29,000 each. Presently, the land can be sold for the following: Plot A $30,000

Plot B $25,000

Plot C $28,000

Plot D $55,000 Another $32,000 note payable is unsecured. Accounts payable at this time total $60,000. Of this amount, $15,000 is salary owed to the company's workers. No employee is due more than $4,800. The company expects to collect $26,000 from the accounts receivable if liquidation becomes necessary. Administrative expenses required for liquidation are anticipated to be $51,440. 1. Prepare a statement of financial affairs for Oregon Corporation.