Smith Corporation has gone through bankruptcy and is ready to emerge as a reorganized entity on December 31,2020, 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 $833,000. Smlth has 50,000 shares of $10 par value common stock outstanding. A deficit Retained Earnings balance of $694,000 also is reported. The owners will distribute 35,600 shares of this stock as part of the reorganization plan. The company's llabilities will be settled as follows: - Accounts payable of $189,000 (existing at the date on which the order for relief was granted) will be settled with an 8 percent, twoyear note for $35,900 - Accounts payable of $97,800 (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 $210,000 will be settled with an 8 percent, flve-year note for $51,600 and 17,800 shares of the stock contributed by the owners. - Note payable-Northwestem Bank of Tulsa of $370,000 will be settled with a 7 percent, eight-year note for $110,000 and 17,800 shares of the stock contributed by the owners. b. Prepare a balance sheet for Smith Corporation upon its emergence from reorganization