Question: The following are account balances of Reliable Autos Inc
The following are account balances of Reliable Autos, Inc. ($ in thousands): Common Stock and Retained Earnings, $350; Accounts Payable, $350; Preferred Stock (5,000 shares; $20 par and $24 liquidating value per share), $100; Subordinated Debentures, $250; and Unsubordinated Debentures, $150. Prepare a table showing the distribution of the cash proceeds on liquidation and dissolution of the corporation under varying assumptions. Assume cash proceeds of the following ($ in thousands): $1,400, $1,100, $750, $550, $400, and $200, respectively.
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