The following balance sheet has been prepared by the accountant for Limestone Company as of June 3, 2020, the date on which the company is to file a voluntary petition of bankruptcy:

LIMESTONE COMPANY Balance Sheet June 3, 2020AssetsCash$12,000Accounts receivable (net) 74,000Inventory 106,000Land 109,000Buildings (net) 309,000Equipment (net) 198,000Total assets$808,000Liabilities and EquitiesAccounts payable$116,000Notes payablecurrent (secured by equipment) 268,000Notes payablelong-term (secured by land and buildings) 199,000Common stock 129,000Retained earnings 96,000Total liabilities and equities$808,000

Additional Information

• If the company is liquidated, administrative expenses are estimated at $27,000.
• The accounts payable figure includes $19,000 in wages earned by the company's 12 employees during May. No one earned more than $3,100.
• Liabilities do not include taxes of $23,000 owed to the U.S. government.
• Company officials estimate that 35 percent of the accounts receivable will be collected in a liquidation and that the inventory disposal will bring $89,000. The land and buildings will be sold together for approximately $328,000; the equipment should bring $139,000 at auction.

Prepare a statement of financial affairs for Limestone Company as of June 3, 2020.