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: Cash Accounts receivable (net) Inventory Land Buildings (net) Equipment (net) Total assets Accounts payable. LIMESTONE COMPANY Balance Sheet June 3, 2020 Assets 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 $ 12,000 85,000 128,000 120,000 320,000 220,000 $885,000 $ 138,000 290,000 210,000 140,000 107,000 $885,000 Additional Information If the company is liquidated, administrative expenses are estimated at $38,000. The accounts payable figure includes $30,000 in wages earned by the company's 12 employees during May. No one earned more than $4,200. Liabilities do not include taxes of $34,000 owed to the U.S. government. Company officials estimate that 38 percent of the accounts receivable will be collected in a liquidation and that the inventory disposal will bring $100,000. The land and buildings will be sold together for approximately $350,000; the equipment should bring $150,000 at auction.