The following information was taken from the accounting records of Pembina Manufacturing Limited, which has recently come under the jurisdiction of a licensed trustee in bankruptcy:

Carrying amount Cash $ 4,000

Accounts receivable (100% estimated collectible) 46,000

Inventories: estimated fair value, $18,000; pledged on $21,000 of notes payable 39,000

Equipment: Est. fair value, $67,400; pledged on mortgage note payable 107,000

Manufacturing supplies: Est. fair value, $1,500 2,000

Wages payable: current month 5,800

Income tax and CPP source deductions 1,200

Trade accounts payable 60,000

Notes payable, $21,000 secured by inventory 40,000

Mortgage note payable 50,000

Accrued interest on mortgage note 400

Common stock 100,000

Deficit 59,400

Required: Prepare a statement of affairs.