Alitech Corporation is liquidating under Chapter 7 of the Bankruptcy Act. The accounts of Alitech at the time of filing are summarized as follows:

The land and building are pledged as security for the mortgage payable as well as any accrued interest on the mortgage. Wages and salaries were earned within 90 days of filing the petition for bankruptcy and do not exceed $10,000 per employee. Liquidation expenses are expected to be $30,000.Part 1: Prepare a schedule showing the priority rankings of the creditors and the expected payouts.Part 2: Billing Corporation was a supplier to Alitech Corporation, and at the time of Alitech's bankruptcy filing, Billing's account receivable from Alitech was $40,000. On the basis of the estimates, how much can Billing expect to receive?

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Estimated Realizable Book Value Value S 10,000 $ 10,000 50,000 65,000 35,000 Cash 60,000 110,000 20,000 Accounts receivable-net Inventory Land Building 200,000 22,000 S 422,000 126,000 Goodwill $ 120,000 Accounts payable Wages and salaries Taxes payable Accrued mortgage interest payable Mortgage payable Capital stock 30,000 80,000 22,000 100,000 90,000 (20,000) S 422,000 Deficit