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, 2020 Assets Cash Accounts receivable (net) Inventory Land Buildings (net) Equipment (net) Total assets $ 13,000 75,000 108,000 110,000 310,000 200,000 Accounts payable Liabilities and Equities Notes payable-current (secured by equipment) Notes payable-long-term (secured by land and buildings) Common stock Retained earnings Total liabilities and equities $ 816,000 $ 118,000 270,000 200,000 130,000 98,000 $ 816,000 Additional Information If the company is liquidated, administrative expenses are estimated at $28,000. The accounts payable figure includes $20,000 in wages earned by the company's 12 employees during May. No one earned more than $3,200. Liabilities do not include taxes of $24,000 owed to the U.S. government. Company officials estimate that 34 percent of the accounts receivable will be collected in a liquidation and that the inventory disposal will bring $90,000. The land and buildings will be sold together for approximately $330,000; the equipment should bring $140,000 at auction. Prepare a statement of financial affairs for Limestone Company as of June 3, 2020.