Use the Following Information to Answer Questions Bellow
a Company

Use the following information to answer Questions bellow
A company enters Chapter 7 bankruptcy proceedings. Its balance sheet, prepared using GAAP for a company with continuing operations, is as follows:
$$\begin{array} { | l | r | l | r | } \hline \text { Cash } & \$ 15,000 & \text { Accounts payable } & \$ 90,000 \\\hline \text { Inventories } & 100,000 & \text { Loans payable } & 300,000 \\\hline \text { Plant and equipment, net } & 250,000 & \text { Equity \{deficit\} } & \$ 25,000 \} \\\hline \text { Total } & \$ 365,000 & \text { Total } & \$ 365,000 \\\hline\end{array}$$ The plant and equipment is security for one of the loans, with a balance of $130,000. The other liabilities are unsecured. The following transactions occur:
• Inventories with a book value of $60,000 were sold for $40,000.
• The plant and equipment was sold for $200,000. The loan secured by the plant and equipment was paid.
• Wages and administrative expenses of $10,000 were accrued.
• An initial payment of 40 cents per dollar of indebtedness was paid to the unsecured creditors.
-On the receiver's balance sheet at the end of the period, total assets are:

A) $ 40,000
B) $ 61,000
C) $111,000
D) $ 90,000