Start with the partial model in the file Ch25 P05 Build a Model.xls on the textbook's Web site. 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 $401 million. Thus, the total proceeds from the liquidation sales were $1,300 million. The trustee's costs amounted to $1 million; no single worker was due more than $10,000 in wages; and there were no unfunded pension plan liabilities. Determine the amount available for distribution to shareholders and all claimants.

Duchon Industries' Balance Sheets (Millions of Dollars) Current assets Net fixed assets 400 Accounts payable $ 50 40 30 180 S 300 300 200 200 100 50 (150 $1,000 Accrued taxes Accrued wages Notes payable 600 Total current liabilities First-mortgage bonds Second-mortgage bonds* Debentures Subordinated debentures Common stock Retained earnings Total assets $1,000 Total claims All fixed assets are pledged as collateral to the mortgage bonds. Subordinated to notes payable only