Candice Company Is Currently Going Through Bankruptcy Reorganization Prepare the Balance Sheet for Candice Company

Candice Company is currently going through bankruptcy reorganization. The accountant has determined the following balances of the accounts at December 31, 2011. $$\begin{array} { | l | r | r | } \hline \text { Assets } & \text { Book Value } & \text { Fair Value } \\\hline \text { Cash } & \$ 30,000 & \$ 30,000 \\\hline \text { Inventory } & 50,000 & 51,000 \\\hline \text { Land } & 80,000 & 100,000 \\\hline \text { Building } & 70,000 & 95,000 \\\hline \text { Equipment } & 40,000 & 42,000 \\\hline & & \\\hline \text { Liabilities as of the date of the order of relief } & \text { Allowed claims } & \text { Expected Settlement } \\\hline \text { Accounts Payable } & \$ 110,000 & \$ 70,000 \\\hline \text { Accrued Expenses } & 40,000 & 15,000 \\\hline \text { Income taxes payable } & 24,000 & 19,000 \\\hline \text { Note payable secured by land due 2013 } & 75,000 & 75,000 \\\hline & & \\\hline \text { Liabilities since the date of the order of relief } & & \\\hline \text { Accounts Payable } & \$ 65,000 & \\\hline \text { Note Payable due 2012 } & 50,000 & \\\hline & & \\\hline \text { Common Stock } & \$ 100,000 & \\\hline\end{array}$$
Prepare the balance sheet for Candice Company. Retained earnings will need to be calculated.