The following balance sheet has been prepared by the accountant for Limestone Company as of June 3, 2017, the date on which the company is to file a voluntary petition of bankruptcy:

LIMESTONE COMPANY Balance Sheet June 3, 2017
Assets
Cash	$	10,000
Accounts receivable (net)		72,000
Inventory		102,000
Land		107,000
Buildings (net)		307,000
Equipment (net)		194,000
Total assets	$	792,000
Liabilities and Equities
Accounts payable	$	112,000
Notes payablecurrent (secured by equipment)		264,000
Notes payablelong term (secured by land and buildings)		197,000
Common stock		127,000
Retained earnings		92,000
Total liabilities and equities	$	792,000

Additional Information

• If the company is liquidated, administrative expenses are estimated at $25,000.
• The accounts payable figure includes $17,000 in wages earned by the company's 12 employees during May. No one earned more than $2,900.
• Liabilities do not include taxes of $21,000 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 $87,000. The land and buildings will be sold together for approximately $324,000; the equipment should bring $137,000 at auction.

Prepare a statement of financial affairs for Limestone Company as of June 3, 2017.