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this is an accounting question about to prepare the statement of affairs The following information was taken from Hussey Corp, which has recently come under

this is an accounting question about to prepare the statement of affairs

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The following information was taken from Hussey Corp, which has recently come under the jurisdiction of a licensed trustee in bankruptcy: Cash 33' 20,000 Accounts Receivable ($325,000 collectible) 500,000 Inventories - materials (estimated fair value: $100,000) 200,000 Inventories - nished goods (estimated fair value: $400,000) 400,000 Land and Buildings net (fair value of $1,300,000) 1,500,000 Trucks (estimated fair value $45,000) 60,000 Equipment (estimated fair value $200,000) 300,000 Goodwill 50,000 $3,03 0,000 Trade Accounts Payable $800,000 Bank Loan (secured by 80% of Accounts Receivable) 275,000 Wages Payable (current all with priority) 140,000 Truck Loans (secured by trucks with $30,000 realizable value) 70,000 Income Tax and Source Deductions 75,000 Mortgage Note Payable (secured by land and buildings) 600,000 Loan payable (secured by nished goods) 450,000 Notes Payable (unsecured) 750,000 Common Stock 200,000 Decit 330,000) $3,03 0,000 Prepare a statement of affairs for Hussey

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