The following information on Big Looser Incorporated (Number: 12345678) has been provided to you: Latest Balance Sheet as at 31 December 2011 (All sums are in $'s) Current Assets Cash at Bank 2.000 Accounts Receivable 120,000 Inventories 655.000 Prepayments 15.000 Total Current Assets 792.000 Non-Current Assets Plant & Equipment 150.000 Less: Accumulated Depreciation (145.000) Net 5,000 Goodwill 50.000 Patents 20.000 Research & Development 25,000 Total Assets 892.000 Liabilities Current Liabilities Accounts Payable 830.000 Arrears of Employee Wages 20.000 Taxes Payable 30.000 Total Current Liabilities 880,000 Non Current Liabilities Bank Loan (Secured against inventories 500,000 Total Liabilities 1,380,000 Total Equity-Negative (488,000) The Following additional information is given. Accounts Receivable includes known bad debts of S21.000. Also the directors expect that only 90% of the remaining Accounts Receivable will pay - Inventories have an auction value of $430,000 Prepayments represent the advance payments for the rent of the company's premises. This wil not be refunded. Plant & Equipment can be auctioned off and will sel for $70,000 -Goodwill. Patents and Research & Development have no value. The Secured Creditor is the Bank of Good Faith Security given was a fixed charge against inventories on the 15 January 2008 The wages creditors represent 20 employees each being owed 51,000 each - Accounts Payable are as follows: ABC Supplies $270,000 XYZ Corp $310.000 Better Buys Limited $250.000 REQUIRED Prepare the Statement of Affairs as a today's date