The following balance sheet has been prepared by the accountant for Limestone Company as of June...

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The following balance sheet has been prepared by the accountant for Limestone Company as of June 3, 2020, the date on which the company is to file a voluntary petition of bankruptcy LIMESTONE COMPANY Balance Sheet June 3, 2020 Assets Cash $ 9,000 Accounts receivable (net) 71,000 100,000 106,000 306,000 192,000 Inventory Land Buildings (net) Equipment (net) Total assets Accounts payable Liabilities and Equities Notes payable-current (secured by equipment) Notes payable-long-term (secured by land and buildings) Common stock Retained earnings Total liabilities and equities $ 784,000 $110,000 262,000 196,000 126,000 90,000 $ 784,000 Additional Information If the company is liquidated, administrative expenses are estimated at $24,000. The accounts payable figure includes $16,000 in wages earned by the company's 12 employees during May. No one earned more than $2.800. . Liabilities do not include taxes of $20,000 owed to the US government Company officials estimate that 32 percent of the accounts receivable will be collected in a liquidation and that the inventory disposal will bring $86,000. The land and buildings will be sold together for approximately $322,000, the equipment should bring $136,000 at auction Prepare a statement of financial affairs for Limestone Company as of June 3, 2020 The following balance sheet has been prepared by the accountant for Limestone Company as of June 3, 2020, the date on which the company is to file a voluntary petition of bankruptcy LIMESTONE COMPANY Balance Sheet June 3, 2020 Assets Cash $ 9,000 Accounts receivable (net) 71,000 100,000 106,000 306,000 192,000 Inventory Land Buildings (net) Equipment (net) Total assets Accounts payable Liabilities and Equities Notes payable-current (secured by equipment) Notes payable-long-term (secured by land and buildings) Common stock Retained earnings Total liabilities and equities $ 784,000 $110,000 262,000 196,000 126,000 90,000 $ 784,000 Additional Information If the company is liquidated, administrative expenses are estimated at $24,000. The accounts payable figure includes $16,000 in wages earned by the company's 12 employees during May. No one earned more than $2.800. . Liabilities do not include taxes of $20,000 owed to the US government Company officials estimate that 32 percent of the accounts receivable will be collected in a liquidation and that the inventory disposal will bring $86,000. The land and buildings will be sold together for approximately $322,000, the equipment should bring $136,000 at auction Prepare a statement of financial affairs for Limestone Company as of June 3, 2020