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	$	10,000
Accounts receivable (net)		83,000
Inventory		124,000
Land		118,000
Buildings (net)		318,000
Equipment (net)		216,000
Total assets	$	869,000
Liabilities and Equities
Accounts payable	$	134,000
Notes payablecurrent (secured by equipment)		286,000
Notes payablelong term (secured by land and buildings)		208,000
Common stock		138,000
Retained earnings		103,000
Total liabilities and equities	$	869,000

Additional Information

	If the company is liquidated, administrative expenses are estimated at $36,000.
	The Accounts Payable figure includes $28,000 in wages earned by the companys 12 employees during May. No one earned more than $4,000.
	Liabilities do not include taxes of $32,000 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 $98,000. The land and buildings will be sold together for approximately $346,000; the equipment should bring $148,000 at auction.

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

OREGON CORPORATION
Statement of Financial Affairs
Book Values	Assets		Available for Unsecured Creditors
	Pledged with Fully Secured Creditors:
$49,000	Land (Plots A and D)	$67,000
	Less: Notes payable	(46,000)	$21,000
	Pledged with Partially Secured Creditors:
44,000	Land (Plots B and C)	41,000
	Less: Notes payable	(46,000)
	Free Assets:
14,000	Cash		14,000
33,000	Accounts receivable		20,000
	Total available to pay liabilities with priority and unsecured creditors		$55,000
	Less: Liabilities with priority		50,100
	Available for unsecured creditors		$4,900
	Estimated deficiency		65,100
$140,000			$70,000
Book Values	Liabilities and Stockholders' Equity		Unsecured Nonpriority Liabilities
	Liabilities with Priority:
	Administrative expenses	$41,100
$9,000	Salaries payable	9,000
	Total	$50,100
	Fully Secured Creditors:
46,000	Notes payable	46,000
	Less: Land (Plots A and D)	(67,000)
	Partially Secured Creditors:
46,000	Notes payable	46,000
	Less: Land (Plots B and C)	(41,000)	$5,000
	Unsecured Creditors:
26,000	Notes payable		26,000
39,000	Accounts payable		39,000
(26,000)	Stockholders' equity
$140,000			$70,000

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