Question: Please make an statement not jsut words thanks Question 6 20 pts The Modesto Company is facing possible liquidation. Using the following information, prepare a

Please make an statement not jsut words thanks
Question 6 20 pts The Modesto Company is facing possible liquidation. Using the following information, prepare a statement of financial affairs in good form. Here's the company's most recent balance sheet: The mortgage payable is fully secured by the land. The land can be sold immediately for $102,000 The equipment partially secures the notes payable. The equipment is not in good shape and at auction will bring only $32,000 The market has declined so the investments have lost 40% of their value. It is estimated that 30% of the accounts receivable will have to be written off. The inventory is outdated and will bring only 50% of its book value at auction. Additional income taxes will be $15,000 Administrative expenses for bankruptcy are expected to total $20,000
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