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4/19/2010 Chapter 22. Ch 22-5 Build a Model Duchon Industries had the following balance sheet at the time it defaulted on its interest payments and...

Module 8 Day 6 question 2, please answer in excel thank you.
4/19/2010 Chapter 22. Ch 22-5 Build a Model Balance Sheets (Millions of Dollars) Assets Current assets $400 Net fixed assets $600.00 Total assets $1,000 Liabilities and equity Accounts payable $50 Accrued taxes 40 Accrued wages 30 Notes payable 180 Total current liabilities $300 300 200 Debentures 200 100 Common stock 50 Retained Earnings (150) Total claims $1,000 Other inputs (in thousands of dollars): Proceeds from sale of fixed assets = $900 Proceeds from sale of current assets = $401 Trustee's costs = $1 Total claims (including trustee expenses) Total cash from liquidation Amount available for distribution to shareholders Priority claims: Trustee's expenses Worker's wages due Government taxes due Distribution to first mortgage (paid from sale of fixed assets) Total preliminary distributions to priority claimaints Total of satisfied priority claims Total unsastified claims from all claimants Funds available for distribution to general creditors: Pro rata distribution percentage Distributions due to general claims: Unsatisfied first mortgage Unsatisfied second mortgage Accounts payable Notes payable Debentures Subordinated debentures Total Total distributions (including prior distributions to mortgage holders and subordination adjustment): Original Claim First mortgage $300 Second mortgage $200 Accounts payable $50 Notes payable $180 Debentures $200 Subordinated debentures $100 Duchon Industries had the following balance sheet at the time it defaulted on its interest payments and filed for liquidation under Chapter 7. Sale of the fixed assets, which were pledged as collateral to the mortgage bondholders, brought in $900 million, while the current assets were sold for another $400 million. Thus, the total proceeds from the liquidation sales were $1,300 million. Trustee's costs amounted to $1 million; no single worker was due more than $2,000 in wages; and there were no unfunded pension plan liabilities. Determine the amount available for distribution to all claimants. First-mortgage bonds a Second-mortgage bonds a Subordinated debentures b a All fixed assets are pledged as collateral to the mortgage bonds. b Subordinated to notes payable only. Initital Distribution to Priority Claimants Remaining proceeds from sale of fixed assets after satisfying first mortgage holders Distribution to second mortgage (paid from sale of fixed assets after satisfying first mortgage holders) Remaining proceeds from sale of fixed assets after satisfying first and second mortgage holders Distribution after Subordination Adjustment Remaining Unsatisfied Claim Amount of Claim Pro Rata Distribution Subordination Adjustment Percent of Claim Satisfied Total Distribution
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