Miner Company is being forced into bankruptcy. The company’s creditors and stockholders have requested an estimate of the results of a liquidation of the company. Miner’s trial balance follows:


.:.
The assets are expected to bring cash on conversion in the following amounts:
Accounts receivable.............. $50,000
Notes receivable including $1,000 accrued interest.. 40,800
Inventory .................. 30,000
Building .................. 75,000
Equipment .................. 4,200
Prepaid insurance ............. 400
The notes receivable are pledged as security on a note payable of $40,000. A note payable of
$20,000 is secured by a lien on the building, and the equipment is pledged as security on a note payable of $10,000. One-half of the interest payable relates to the $40,000 note payable; the other half of the interest payable relates to the $20,000 note payable. There is no accrued interest on the other notes payable.

Required:
Prepare a statement of affairs as of May 31, 2012. Include a deficiency account, and determine the estimated dividend rate to the general unsecured creditors.