XYZ Ltd has the following statement of financial position prior to set-off:

XYZ Ltd Extract of Statement of Financial Position 30 June 2020
Assets		Liabilities
Loan receivables	240 000	Loans payable	200 000
Non-current assets	160 000	Shareholders funds
		Retained earnings	50 000
		Share Capital	150 000
	400 000		400 000

XYZ Ltd has an amount owing to ABC Ltd of $60 000 and an amount receivable from ABC Ltd of $80 000. A right of set-off exists between financial assets and liabilities.

Required:

Prepare an extract of statement of financial position for post set-off.