Your Aunt Ginnie has a farm that you stand to inherit. The farm has 1,000 acres, valued at $9,000/acre. Along with the land and buildings, she also will leave you $50,000 of equipment, and $50,000 of cash.

Ginnie owes the bank $25,000 on her line of credit (due in 6 months). She also borrowed $3,000,000 against the farm. This "mortgage" loan funded a gold mining expedition for your cousin Parker.

You are the sole recipient of the estate, including the debt. The $3,000,000 loan was for 10 years, at 0% interest. The first payment is due at the end of the year. How much owner's equity is there?