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	$	8,000
Accounts receivable (net)		70,000
Inventory		98,000
Land		105,000
Buildings (net)		305,000
Equipment (net)		190,000
Total assets	$	776,000
Liabilities and Equities
Accounts payable	$	108,000
Notes payablecurrent (secured by equipment)		260,000
Notes payablelong-term (secured by land and buildings)		195,000
Common stock		125,000
Retained earnings		88,000
Total liabilities and equities	$	776,000

Additional Information

If the company is liquidated, administrative expenses are estimated at $23,000.

The accounts payable figure includes $15,000 in wages earned by the company's 12 employees during May. No one earned more than $2,700.

Liabilities do not include taxes of $19,000 owed to the U.S. government.

Company officials estimate that 45 percent of the accounts receivable will be collected in a liquidation and that the inventory disposal will bring $85,000. The land and buildings will be sold together for approximately $320,000; the equipment should bring $135,000 at auction.

Prepare a statement of financial affairs for Limestone Company as of June 3, 2020.