Use Canada Accounting Standards for Bankruptcies.

The following information on Big Looser Incorporated (Number: 12345678) has been provided to you: Latest Balance Sheet as at 31st December 2021 (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 Receivables known bad debts of $21,000 but this has not been recorded. Also, the directors expect that only 80% 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 companys premises. This will not be refunded. Plant & Equipment can be auctioned off and will sell for $75,000. 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 15th of January 2021. The wages creditors represent 8 employees each being owed $2,500 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 at todays date along with the expected payout on the dollar. Provide a list of the expected recovery for each creditor.