The Logan Company is purchasing the Nylon Sail Company.

The Nylon Sail Company's Balance Sheet information on June 30, 2020 is as follows:

Assets

Cash$ 43,600

Accounts Receivable55,800

Inventories141,000

Land95,000

Building, net368,000

Equipment, net39,760

Patent55,000

Trademark5,000

Total Assets$803,160

Liabilities

Accounts Payable$77,440

Stockholders' Equity

Common Stock$600,000

Retained Earnings125,720

Total Liabilities and

Stockholder's Equity$803,160

Logan Company will pay $800,000 cash down, sign and issue a Note Payable to Nylon Sail Company in the amount of $500,000, and assume the Accounts Payable.All assets listed in the balance sheet will be acquired by Logan Company at their listed amounts, with the exception of the following assets which will be acquired at their agreed fair values as follows:

Inventories $175,300

Land $145,000

Building $502,000

Patent $85,000

Trademark $25,000

Prepare the Balance Sheet for Nylon Sail Company as of June 30, 2020

immediately after the sale to Logan Company