TMZ has obtained the first accounting that MJ executors filed ... showing exactly how much money Michael owed when he passed away on June 25, 2009 ... and how much the estate has made since -- and the numbers are astounding.
According to the documents, MJ had more than $400 million in various debts when he died ... but the estate has already made more than $310 million since.
Documents show excecutors have already spent roughly $159 mil paying back various debts, income taxes and other expenses such as providing "uninterrupted support for Mrs. [Katherine] Jackson and Michael Jackson's children as Michael intended."
The estate has also paid for Katherine to make "substantial improvements" to the family's famous Havenhurst estate in Encino, CA.
Executors have also shelled out cash to "pay last illness and funeral and memorial service expenses."
In addition to the $400 million in debt -- MJ's estate had $40 million in liabilities to concert promoter AEG stemming from the "This Is It" tour ... which MJ was rehearsing for when he died.
The documents show the estate received more than 65 creditor's claims -- with some of the debt accruing interest at "extremely high" rates.
The MJ executors admit the estate still faces several lawsuits in multiple countries.
The executors also claim they have "successfully rebuilt and enhanced Michael Jackson's image" since they've been empowered to run the estate.