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Restructure prior shareholders' interests: Revalue assets: Close gains and losses and eliminate the retained deficit: Present Benson Industries' balance sheet immediately following emergence from reorganization. Benson Industries is emerging from Chapter 11 reorganization. Its balance sheet at the end of the reorganization period is as follows: Additional information: 1. Liabilities subject to compromise consist of a $2,000,000 notes payable balance and a $2,650,000 loans payable balance. 2. Reorganization value is $3,000,000. 3. As part of the reorganization plan, the notes payable are exchanged for $1,000,000 in new notes plus 40 percent of the new stock issued. The loans payable are exchanged for $1,500,000 in new loans plus 40 percent of the new stock issued. The existing common stock is canceled; the old shareholders receive 20 percent of the new stock. 4. Fair values of reported assets are: current assets, $200,000; property and equipment, $2,000,000. In addition, there are identifiable intangible assets valued at $150,000. Required Calculate the total value of the new common stock. Prepare journal entries to record the reorganization plan. Discharge debt: Restructure prior shareholders' interests: Revalue assets: Close gains and losses and eliminate the retained deficit: Present Benson Industries' balance sheet immediately following emergence from reorganization. Benson Industries is emerging from Chapter 11 reorganization. Its balance sheet at the end of the reorganization period is as follows: Additional information: 1. Liabilities subject to compromise consist of a $2,000,000 notes payable balance and a $2,650,000 loans payable balance. 2. Reorganization value is $3,000,000. 3. As part of the reorganization plan, the notes payable are exchanged for $1,000,000 in new notes plus 40 percent of the new stock issued. The loans payable are exchanged for $1,500,000 in new loans plus 40 percent of the new stock issued. The existing common stock is canceled; the old shareholders receive 20 percent of the new stock. 4. Fair values of reported assets are: current assets, $200,000; property and equipment, $2,000,000. In addition, there are identifiable intangible assets valued at $150,000. Required Calculate the total value of the new common stock. Prepare journal entries to record the reorganization plan. Discharge debt