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Smith Corporation has gone through bankruptcy and is ready to emerge as a reorganized entity on December 31, 2024. On this date, the company has the following assets (fair value is based on discounting the anticipated future cash flows) The company has a reorganization value of $836,000. Smith has 51,000 shares of $10 par value common stock outstanding. A deficit Retained Earnings balance of $682,000 also is reported. The owners will distribute 34,400 shares of this stock as part of the reorganization plan. The company's llabilities will be settled as follows: - Accounts payable of $187,000 (existing at the date on which the order for relief was granted) will be settled with an 8 percent, twoyear note for $36,900. - Accounts payable of $99700 (incurred since the date on which the order for relief was granted) will be paid in the regular course of business. - Note payable-First Metropolitan Bank of $201,000 will be settled with an 8 percent. five-yeat note for $51,600 and 17,200 shares of the stock contributed by the owners. - Note payable-Northwestern Bank of Tulsa of $377,000 will be settied with a 7 percent, eight-year note for $113,000 and 17,200 shares of the stock contributed by the owners. Required: b. Prepare a balance sheet for Smith Corporation upon its emergence from reorganization