Anglesea advises you that it is facing bankruptcy proceedings.
As the company’s CPA, you are aware of its condition.
Anglesea’s balance sheet on December 31, 20X1, and supplementary data follow:

ASSETS
Cash	$7,000
Accounts Receivable (net)	$70,000
Inventory	$100,000
Marketable Securities	$20,000
Land	$13,000
Buildings (net)	$90,000
Machinery (net)	$140,000
Total Assets	$440,000
Liabilities and Equity
Accounts Payable	$80,000
Notes Payable	$135,000
Wages	$15,000
Mortgages Payable	$130,000
Common Stock	$100,000
Retained Earnings (deficit)	($20,000)
Total Liabilities & Capital	$440,000

Additional Information
Accounts receivable of $40,000 have been pledged in support of notes payable of $30,000.
Marketable securities consist of bonds costing $10,000 and 500 shares of stock. The market value of the bonds is $10,000, and the stock is $18 per share. The securities are collateral for $20,000 of notes payable.
Appraised value of the inventory is $80,000
The appraised value of fixed assets is $25,000 for land, $110,000 for buildings, and $75,000 for machinery.
Accounts payable include $15,000 of withheld payroll taxes and $6,000 owed to creditors who have claims secured by inventory
There are unrecorded employer’s payroll taxes in the amount of $500.
Wages payable are not subject to any limitations under bankruptcy laws.
Mortgages payable consist of $100,000 on land and buildings and $30,000 on machinery which are designated as collateral. Total unrecorded accrued interest for these mortgages amounts to $2,400.
Estimated legal fees and expenses in connection with the liquidation are $10,000.
Your audit fees $5,000 for last year’s audit are included in the accounts payable, and you estimate a $1,000 fee for liquidation work.
Post-petition liabilities are $10,000

Required
Calculate the value of the assets Anglesea has available to satisfy its debts.
Prepare a schedule of amounts to be allocated to secured creditors
Prepare a schedule of amounts to be allocated to unsecured creditors
Prepare the necessary journal entries to record any gains or losses on disposal of assets
Prepare the necessary journal entries to record any gains on the discharge of debt