Statement of Affairs
The following information is available for Dennison Company, which is entering bankruptcy proceedings.
Net realizable values of Dennisons assets:
Cash	5,000.00
Accounts receivable	12,000.00
Inventory	40,000.00
Equipment	125,000.00
Dennison has the following claims against it:
Accounts payable to suppliers	50,000.00
Priority liabilities	20,000.00
Note payable, secured by equipment with a realizable value of $90,000	60,000.00
Loan payable, secured by equipment with a realizable value of $25,000	100,000.00
Required
Prepare a statement of affairs for Dennison Company, in good form.
Do not use negative signs with any of your answers below.
Dennison Company
Statement of Affairs
	Estimated Realizable Value	Free Assets
Assets pledged to fully-secured creditors:
Equipment	$
Less: Liabilities to fully-secured creditors	$	$
Assets pledged to partially-secured creditors:
Equipment	$
Free assets:
Cash	$
Accounts receivable	$
Inventory	$
Equipment	$	$
Total free assets		$
Less: Priority liabilities		$
Net free assets		$
Estimated deficiency to unsecured creditors		$
Total unsecured liabilities		$
	Creditors Claims	Unsecured Liabilities
Fully-secured creditors:
Note payable	$
Partially-secured creditors:
Loan payable	$
Less: Value of pledged assets	$	$
Priority liabilities	$
Unsecured creditors:
Accounts payable		$
Total unsecured liabilities		$