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
Cash	$	12,000
Accounts receivable (net)		74,000
Inventory		106,000
Land		109,000
Buildings (net)		309,000
Equipment (net)		198,000
Total assets	$	808,000
Liabilities and Equities
Accounts payable	$	116,000
Notes payablecurrent (secured by equipment)		268,000
Notes payablelong term (secured by land and buildings)		199,000
Common stock		129,000
Retained earnings		96,000
Total 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, 2017.