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
Accounts receivable	12,000
Inventory	40,000
Equipment	125,000

Dennison has the following claims against it:

Accounts payable to suppliers	$50,000
Priority liabilities	20,000
Note payable, secured by equipment with a realizable value of $90,000	60,000
Loan payable, secured by equipment with a realizable value of $25,000	100,000

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	Answer
Less: Liabilities to fully-secured creditors	Answer	Answer
Assets pledged to partially-secured creditors:
Equipment	Answer
Free assets:
Cash	Answer
Accounts receivable	Answer
Inventory	Answer
Equipment	Answer	Answer
Total free assets		Answer
Less: Priority liabilities		Answer
Net free assets		Answer
Estimated deficiency to unsecured creditors		Answer
Total unsecured liabilities		Answer
	Creditors Claims	Unsecured Liabilities
Fully-secured creditors:
Note payable	Answer
Partially-secured creditors:
Loan payable	Answer
Less: Value of pledged assets	Answer	Answer
Priority liabilities	Answer
Unsecured creditors:
Accounts payable		Answer
Total unsecured liabilities		Answer