Question: Here is the speadsheet data, I only need help on the part I got wrong. Proceeds from sale of fixed assets $420,000 Proceeds from sale

 Here is the speadsheet data, I only need help on thepart I got wrong. Proceeds from sale of fixed assets $420,000 Proceeds Here is the speadsheet data, I only need help on the part I got wrong.

Proceeds from sale of fixed assets $420,000
Proceeds from sale of current assets $180,000
Trustee's costs $50,000
Any single worker due more than $2,000 in wages? No
Any unfunded pension plan liabilities? No
Balance Sheet:
Current assets $400,000 Accounts payable $50,000
Accrued taxes 40,000
Accrued wages 30,000
Notes payable 180,000
Total current liabilities $300,000
Net fixed assets 600,000 First-mortgage bonds* 300,000
Second-mortgage bonds* 200,000
Debentures 200,000
Subordinated debentures ** 100,000
Common stock 50,000
Retained earnings -150,000
Total assets $1,000,000 Total claims $1,000,000

Proceeds from sale of fixed assets $420,000

Excel Online Structured Activity: Liquidation At the time it defaulted on its interest payments and filed for bankruptcy, the McDaniel Mining Company had the balance sheet provided in the Microsoft Excel Online file below. The court, after trying unsuccessfully to reorganize the firm, decided that the only recourse was liquidation. Sale of the fixed assets, which were pledged as collateral to the mortgage bondholders, brought in $420,000, while the current assets were sold for another $180,000. Thus, the total proceeds from the liquidation sale were $600,000. The trustee's costs amounted to $50,000; no single worker was due more than $2,000 in wages; and there were no unfunded pension plan liabilities. The data has been collected in the Microsoft Excel Online file below. Open the spreadsheet and perform the required analysis to answer the questions below. Open spreadsheet a. How much will McDaniel's shareholders receive from the liquidation? If your answer is zero, enter "O". Round your answer to the nearest dollar. $ og b. How much will the mortgage bondholders receive? If your answer is zero, enter "0". Round your answer to the nearest dollar. $ 427869 C. How much will other priority claimants receive from the liquidation? Do not round intermediate calculations. Round your answers to the nearest dollar. Claimant Amount Trustee's expenses S 50000 Workers' wages due s 30000 M Governments' taxes due $ 40000 Total S 120000 d. How much will the remaining general creditors receive from the distribution before subordination adjustment? If your answer is zero, enter "0". Do not round intermediate calculations. Round your answers to the nearest dollar. Total $ 120000 d. How much will the remaining general creditors receive from the distribution before subordination adjustment? If your answer is zero, enter "0". Do not round intermediate calculations. Round your answers to the nearest dollar. Account Amount Received Accounts payable $ 4918 Notes payable $ 17705 Second mortgage bonds $ 7869 Debentures $ 19672 Subordinated $ 9836 debentures Total $ 60000 What is the effect of adjusting for subordination? If your answer is zero, enter "0". Do not round intermediate calculations. Round your answers to the nearest dollar. Amount Received after Account subordination adjustment 27541 Notes payable $ Subordinated debentures $ 0 Excel Online Structured Activity: Liquidation At the time it defaulted on its interest payments and filed for bankruptcy, the McDaniel Mining Company had the balance sheet provided in the Microsoft Excel Online file below. The court, after trying unsuccessfully to reorganize the firm, decided that the only recourse was liquidation. Sale of the fixed assets, which were pledged as collateral to the mortgage bondholders, brought in $420,000, while the current assets were sold for another $180,000. Thus, the total proceeds from the liquidation sale were $600,000. The trustee's costs amounted to $50,000; no single worker was due more than $2,000 in wages; and there were no unfunded pension plan liabilities. The data has been collected in the Microsoft Excel Online file below. Open the spreadsheet and perform the required analysis to answer the questions below. Open spreadsheet a. How much will McDaniel's shareholders receive from the liquidation? If your answer is zero, enter "O". Round your answer to the nearest dollar. $ og b. How much will the mortgage bondholders receive? If your answer is zero, enter "0". Round your answer to the nearest dollar. $ 427869 C. How much will other priority claimants receive from the liquidation? Do not round intermediate calculations. Round your answers to the nearest dollar. Claimant Amount Trustee's expenses S 50000 Workers' wages due s 30000 M Governments' taxes due $ 40000 Total S 120000 d. How much will the remaining general creditors receive from the distribution before subordination adjustment? If your answer is zero, enter "0". Do not round intermediate calculations. Round your answers to the nearest dollar. Total $ 120000 d. How much will the remaining general creditors receive from the distribution before subordination adjustment? If your answer is zero, enter "0". Do not round intermediate calculations. Round your answers to the nearest dollar. Account Amount Received Accounts payable $ 4918 Notes payable $ 17705 Second mortgage bonds $ 7869 Debentures $ 19672 Subordinated $ 9836 debentures Total $ 60000 What is the effect of adjusting for subordination? If your answer is zero, enter "0". Do not round intermediate calculations. Round your answers to the nearest dollar. Amount Received after Account subordination adjustment 27541 Notes payable $ Subordinated debentures $ 0

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