The following balance sheet has been prepared by the accountant for Limestone Company as of June 3, 2015, the date on which the company is to file a voluntary petition of bankruptcy: LIMESTONE COMPANY Balance Sheet June 3, 2015

Assets

Cash $ 5,000

Accounts receivable (net) 67,000

Inventory 92,000

Land 102,000

Buildings (net) 302,000

Equipment (net) 184,000

Total assets $ 752,000

Liabilities and Equities

Accounts payable $ 102,000

Notes payablecurrent (secured by equipment) 254,000

Notes payablelong term (secured by land and buildings) 192,000

Common stock 122,000

Retained earnings 82,000

Total liabilities and equities $ 752,000

Additional Information

If the company is liquidated, administrative expenses are estimated at $20,000.

The Accounts Payable figure includes $12,000 in wages earned by the companys 12 employees during May. No one earned more than $2,400

Liabilities do not include taxes of $16,000 owed to the U.S. government.

Company officials estimate that 30 percent of the accounts receivable will be collected in a liquidation and that the inventory disposal will bring $82,000. The land and buildings will be sold together for approximately $314,000; the equipment should bring $132,000 at auction.

Prepare a statement of financial affairs for Limestone Company as of June 3, 2015.