A Company Is in Chapter 7 Bankruptcy, and You Have

A company is in Chapter 7 bankruptcy, and you have compiled the following data:
Liabilities:
$\begin{array}{|l|r|}\hline \text { Wages and taxes payable (priority) } & \$ 30,000 \\\hline \text { Accounts payable (unsecured) } & 80,000 \\\hline \text { Loan payable (secured by the equipment) } & 300,000 \\\hline \text { Mortgage payable (secured by the land and building) } & 850,000 \\\hline \text { Loan payable (unsecured) } & 50,000 \\\hline \text { Total } & \$ 1,310,000\\\hline \end{array}$

Realizable value of assets:
$\begin{array}{|l|r|}\hline \text { Cash } & \$ 1,000 \\\hline \text { Receivables } & 20,000 \\\hline \text { Merchandise } & 40,000 \\\hline \text { Land and building } & 800,000 \\\hline \text { Equipment } & 325,000 \\\hline \text { Total } & \$ 1,186,000\end{array}$
Required
Prepare a statement of affairs for the company.