Chapter 20, Problem 20.4E

Chapter 7 Liquidation
Penn Inc.'s assets have the carrying values and estimated fair values as follows:

Penn's debts follow:

Required

a. Prepare a schedule to calculate the net estimated amount available for general unsecured creditors.

b. Compute the percentage dividend to general unsecured creditors.

c. Prepare a schedule showing the amount to be paid each of the creditors groups upon distribution of the $471,000 estimated to be realizable.