Pumpkin Company is going through bankruptcy reorganization. It signed a $230,000 note payable prior to the order for relief. The company believes that this note will eventually be settled for $66,000 in cash. As an alternative, the creditor might choose to accept a piece of land from Pumpkin that cost the company $56,000 but is valued currently at $78,000. On a balance sheet prepared by Pumpkin Company during the period of reorganization, how will this debt be reported?
Multiple Choice
$230,000
$144,000
$164,000
$66,000