Question: At the time it defaulted on its interest payments and filed for bankruptcy, McDaniel Mining Company had the following balance sheet shown below (in thousands
| At the time it defaulted on its interest payments and filed for bankruptcy, McDaniel Mining Company had the following balance sheet shown below (in thousands of dollars). The court, after trying unsuccessfully to reorganize the firm, decided that the only recourse was liquidation under Chapter 7. Sale of the fixed assets, which were pledged as collateral to the mortgage bondholders, brought in $400,000, while the current assets were sold for another $310,000. Thus, the total proceeds from the liquidation sale were $710,000. The trustee's costs amounted to $65,000; no single worker was due more than $2,000 in wages; and there were no unfunded pension plan liabilities.
How much will the remaining general creditors receive from the distribution before subordination adjustment? Round your answers to the nearest dollar. Enter your answer in dollars.
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