Question $3$

The following information was taken from Poitras Corp, which has recently come under the jurisdiction of a licensed trustee in bankruptcy:

Cash $$40,000$

Accounts Receivable $($ $$63,000$ collectible$)70,000$

Inventories $($estimated fair value: $$42,000)50,000$

Land and Buildings $-$ net $($fair value of $$170,000)230,000$

Equipment $($estimated fair value $$20,000$; pledged on

Mortgage Note Payable$)60,000$

Goodwill $,50,{000}_{?}$

$$500,{000}_{?}$

Trade Accounts Payable $$110,000$

Wages Payable $($current $-$ all with priority$),60,000$

Income Tax and Source Deductions $10,000$

Mortgage Note Payable $($secured by land and buildings$)150,000$

Accrued Interest on Mortgage Note $,15,000$

Other interest $5,000$

Notes Payable $($unsecured$),50,000$

Common Stock $200,000$

Deficit

$$500,{000}_{?}$

Prepare a statement of affairs for Poitras.

$7$