Problem 13-49 (Algo) (LO 13-8, 13-10) Becket Corporation's accountant has prepared the following balance sheet as of November 10, 2020, the date on which the company is to release a plan for reorganizing operations under Chapter 11 of the Bankruptcy Reform Act: BECKET CORPORATION Balance Sheet November 10, 2020 Assets Cash Accounts receivable (net) Investments Inventory (net realizable value is expected to approximate 70% of cost) Land Buildings (net) Equipment (net) Total assets Liabilities and Equities Accounts payable Notes payable-current (secured by equipment) Notes payable-(due in 2023) (secured by land and buildings) Common stock ($11 par value) Retained earnings (deficit) Total liabilities and equities $ 13,000 62,000 27,000 81,000 58,000 249,000 119,000 $ 609,000 $ 130,000 221,000 326,000 55,000 (123,000) $ 609,000