D Corporation, which is undergoing liquidation, has the following condensed balance sheet as of July 1, 2008: Assets Cash Receivables(net) Inventory Prepaid Expenses Equipment (net) Goodwill Total Liabilities and Shareholders Equity P 396,000 Salaries Payable P120,000 924,000 Accounts Payable 300,000 231,000 Bonds Payable 270,000 3,000 Bank Loan Payable 1,200,000 900,000 Note Payable 594,000 120,000 Ordinary shares 240,000 Deficit (150,000) ________ ________ P2,574,000 Total P2,574,000 The bank loan payable is secured by the equipment having a book value of P900,000 and a realizable value of P1,050,000. Of the accounts payable, P140,000 is secured by inventory which has a cost of P120,000 and a liquidation value of P132,000. The balance of the inventory has a realizable value of P70,000. Receivables with a book value and realizable value of P624,000 and P600,000 respectively have been pledged as collateral on the note payable. The balance of the receivable is estimated to be 60% collectible. In addition to the recorded liabilities are accrued interest on bank loan payable amounting to P30,000, accrued interest on the bonds payable amounting to P18,000, trustees fee amounting P25,000 and taxes payable amounting to P21,000. Prepare a Statement of Affairs in July