The following balance sheet has been prepared by the accountant for Limestone Company as of June 3, 2017, the date on which the company Is to file a voluntary petition of bankruptcy: LIMESTONE COMPANY Balance Sheet June 3, 2017 Assets 6, eee 68,eee 94, eee Cash $ Accounts receivable (net) Inventory Land 103,eee 303,eee 186,eee Buildings (net) Equipment (net) $ 760,00e Total assets Liabilities and Equities Accounts payable Notes payable-current (secured by equipment) Notes payable-long term (secured by land and buildings) $ 104,eee 256, eee 193, eee 123,eee 84,eee Common stock Retained earnings $ 760,eee Total liabilities and equities Additional Information If the company Is liquidated, administrative expenses are estimated at $21,000. The accounts payable figure includes $13,000 in wages earned by the company's 12 employees during May. No one earned more than $2,500. Liabilties do not include taxes of $17,000 owed to the U.S. government. Company officlals estimate that 40 percent of the accounts recelvable will be collected In a liquidation and that the Inventory disposal will bring $83,000. The land and bulldings will be sold together for approximately $316,000; the equipment should bring $133,000 at auction Prepare a statement of financlal affairs for Limestone Company as of June 3, 2017 LIMESTONE COMPANY Statement of Financial Affairs June 3, 2017 Available for Book Values Assets Unsecured Creditors Pledged with Fully Secured Creditors Pledged with Partially Secured Creditors Free Assets Total amount available to pay liabilities with priority and unsecured creditors Available for unsecured creditors Estimated deficiency Unsecured Nonpriority Liabilities Liabilities and Stockholders' Equity Book Values Liabilities with Priority Total Fully Secured Creditors: Partially Secured Creditors: Unsecured Creditors Stockholders' equity