Exercise (continued) Mr. Litz hires a liquidator to help him. Through this person's services, the accounts receivable are collected in full. The supplies are sold for $500; the equipment is sold for $2,000; the boats are sold for $20,350; and the property is sold for $180,000. The liquidator charges $1,500. BAYLINER BOAT CHARTERS BALANCE SHEET October 31, 2007 Assets Liabilities Bank $ 900 Bank Loan $ 18,000 Accounts Receivable 1,050 Accounts Payable 3,740 Supplies 1,250 Mortgage Payable 80,000 Property 175,000 Total Liabilities $ 101,740 Equipment 4,390 Owner's Equity Boats 32,850 J. Litz, Capital 113,700 Total Liabilities and Total Assets $ 215,440 Owner's Equity $ 215,440 A. Prepare a detailed calculation showing how much Mr. Litz will receive as a result of his claim against the assets. B. Why would the owner prefer to sell the business itself rather than the assets