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	$	7,000
Accounts receivable (net)		80,000
Inventory		118,000
Land		115,000
Buildings (net)		315,000
Equipment (net)		210,000
Total assets	$	845,000
Liabilities and Equities
Accounts payable	$	128,000
Notes payablecurrent (secured by equipment)		280,000
Notes payablelong term (secured by land and buildings)		205,000
Common stock		135,000
Retained earnings		97,000
Total liabilities and equities	$	845,000

Additional Information

• If the company is liquidated, administrative expenses are estimated at $33,000.
• The accounts payable figure includes $25,000 in wages earned by the company's 12 employees during May. No one earned more than $3,700.
• Liabilities do not include taxes of $29,000 owed to the U.S. government.
• Company officials estimate that 40 percent of the accounts receivable will be collected in a liquidation and that the inventory disposal will bring $95,000. The land and buildings will be sold together for approximately $340,000; the equipment should bring $145,000 at auction.

Prepare a statement of financial affairs for Limestone Company as of June 3, 2017.

LIMESTONE COMPANY
Statement of Financial Affairs
June 3, 2017
Book Values	Assets		Available for 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
Book Values	Liabilities and Stockholders' Equity		Unsecured Nonpriority Liabilities
	Liabilities with Priority:
	Total
	Fully Secured Creditors:
	Partially Secured Creditors:
	Unsecured Creditors:
	Stockholders' equity