I only need the help with question e.

please show how you derived answers.

Answers are:

Before subordination:

Accounts payable 6350

Notes payable 22860

2nd mortgage 12700

debentures 25400

subordinated debentures 12700

After:

Notes payable 35560

Subordinated debenture 0

total received by 2nd mortgage holders 112,700

the mortgage bondholders, brought in $400,000, while the current assets were sold for another $200,000. 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 the maximum allowable wages per worker; and there were no unfunded pension plan liabilities. Balance Sheet (Thousands of Dollars) Current assets $ 400 Net fixed assets 600 Accounts payable Accrued taxes Accrued wages Notes payable Total current liabilities First-mortgage bondsa Second-mortgage bondsa Debentures Subordinated debentures Common stock Retained earnings Total liabilities & equity 180 $ 300 300 200 200 100 50 (150) $1,000 Total assets $1,000 Notes: All fixed assets are pledged as collateral to the mortgage bonds. Subordinated to notes payable only. a. How much will McDaniel's shareholders receive from the liquidation? b. How much will the first mortgage bondholders receive from collateralized assets? Will they receive their full claim? If not, how much is their remaining claim? c. How much will the second mortgage bondholders receive from collateralized assets? Will they receive their full claim? If not, how much is their remaining claim? d. Who are the other priority claimants (in addition to the mortgage bondholders)? How much will they receive from the liquidation? e. Who are the remaining general creditors? How much will each receive from the distribution before subordination adjustment? How much will each receive after subordination? How much in total will the second mortgage holders receive (include the amount received from collateral). the mortgage bondholders, brought in $400,000, while the current assets were sold for another $200,000. 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 the maximum allowable wages per worker; and there were no unfunded pension plan liabilities. Balance Sheet (Thousands of Dollars) Current assets $ 400 Net fixed assets 600 Accounts payable Accrued taxes Accrued wages Notes payable Total current liabilities First-mortgage bondsa Second-mortgage bondsa Debentures Subordinated debentures Common stock Retained earnings Total liabilities & equity 180 $ 300 300 200 200 100 50 (150) $1,000 Total assets $1,000 Notes: All fixed assets are pledged as collateral to the mortgage bonds. Subordinated to notes payable only. a. How much will McDaniel's shareholders receive from the liquidation? b. How much will the first mortgage bondholders receive from collateralized assets? Will they receive their full claim? If not, how much is their remaining claim? c. How much will the second mortgage bondholders receive from collateralized assets? Will they receive their full claim? If not, how much is their remaining claim? d. Who are the other priority claimants (in addition to the mortgage bondholders)? How much will they receive from the liquidation? e. Who are the remaining general creditors? How much will each receive from the distribution before subordination adjustment? How much will each receive after subordination? How much in total will the second mortgage holders receive (include the amount received from collateral)