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Duchon Industries had the following balance sheet at the time it defaulted on its interest payments and filed for liquidation under Chapter 7. Sale...

Module 8 Please answer in excel. Thank you.

Information Needed: 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 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. Question: 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.
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