Question: Pls answer this asap. Thanks 1114 PROBLEMS 1 - Statement of Affairs and Deficiency Account Miner Company is being forced into bankruptcy. The company's creditors
Pls answer this asap. Thanks

1114 PROBLEMS 1 - Statement of Affairs and Deficiency Account Miner Company is being forced into bankruptcy. The company's creditors and stockholders have requested an estimate of the results of a liquidation of the company. Miner's trial balance follows: Accounts Debit Credit Cash...... P 6,000 Accounts receivable ... 63,000 Allowance for bad debts.............." P 2,000 Notes Receivable...... 50,000 Accrued Interest on Notes Receivable..... 1,200 Inventory ... 60,000 Buildings... 182,000 Accumulated Depreciation-Buildings.............. ..! 63,000 Equipment..... 14,600 Accumulated Depreciation-Equipment............." 1,400 Prepaid insurance..... 1,100 Goodwill ...... 8,500 Accrued Wages-with Priority ...... 6,000 Taxes Payable-with Priority..... .. ..... 2,400 Accounts Payable...... 170,000 Notes Payable.......... 80,000 Accrued Interest Payable..... 1,600 Common STOCK . . . . ........... .4242424 1 10,000 Retained Earnings (deficit).. 50,000 Totals....... P 436.400 P 436.400 The assets are expected to bring cash on conversion in the following amounts: Accounts Receivable........... P 50,000 Notes receivable including P1,000 accrued interest. 40,800 Inventory ........ 30,000 Building..... . .4 75,000 Equipment. 4,200 Prepaid insurance....... 400 The notes receivable are pledged as security on a note payable of P40,000. A note payable of P20,000 is secured by a lien on the building, and the equipment is pledged as security on a note payable of P10,000. One-half of the interest payable relates to the P40,000 note payable; the other half of the interest payable relates to the P20,000 note payable. There is no accrued interest on the other notes payable. Required: 1. Prepare a statement of affairs as of May 31, 20x4. Include a deficiency account, and 2. Determine the estimated dividend rate to the general unsecured creditors
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