3:27 .. N 88% X - Aa Q Learning Goal 5 P7-19 Book and liquidation value The balance sheet for Gallinas Indus- tries is as follows. Gallinas Industries Balance Sheet as of December 31 Assets Liabilities and st ockholders' equit Cash $ 40,00 AC- $100,00 0 counts 0 payable Market- 30,000 60,000 Notes p ayable able se- curities AC- 120,000 Ac- 30,000 counts crued w ages TIL o 3:27 .. N 88% X Q receiv- able Invent- 160,00 Total $160,00 O current 0 ories liabilit- ies Total $380,00 Long-te $180,00 current Orm debt assets $ 80,00 0 Land an $150,00 Pre- d build- O ferred s ings (ne tock t) Ma- 260,000 chinery and equ ipment 250,00 Com- O mon st ock (10, TIL o 3:27 .. N88% 1 X : Q a 000 sha res) 100,00 Total $400,00 Re- fixed as Otained e sets (ne arnings t) Total $780,00 Total $780,00 assets 0 liabilit- 0 ies and stock- holders' equity Additional information with respect to the firm is available: 1. Preferred stock can be liquidated at book value. 2. Accounts receivable and inventor- ies can be liquidated at 90% of TIL o