Smith & Associates Inc. was a mid$-$size company that was started five years ago by Gary Smith with the support of four private investors. They initially invested $$375,000$ each for a total of $$1\mathrm{.}50$ million and took back $15,000$ common shares. The company also issued $$2,000,000$ in preferred shares and secured a long$-$term loan for $$497,000.$ The company had a few successful years; however, it succumbed to competition and it eventually ran out of funding. There are no dividends in arrears on the preferred shares. The company did successfully develop several products that it patented and it acquired assets to manufacture those products$-$all of which still have value. The shareholders are planning an organized windup of the company and plan to sell all the assets at an auction. A summary of the company's statement of financial position is as follows:

$\backslash$table$[[\backslash$table$[[$SMITH & ASSOCIATES INC.$],[$Statement of Financial Position$],[$as at June $30,2024]]],[$Total assets,$$4,828,000$