Question 4 [25 marks] Dominique Inc. has been experiencing some difficulties over the last three years, due to a downturn in the Barbadian market. The recent economic woes in Barbados have prompted the company to liquidate the business at the end of its financial year. The following balance sheet was prepared for Dominique Inc. as at November 30, 2013. The following additional information should be taken into account: a) Notes receivable and accrued interest on those notes are expected to realize their book values b) Accounts receivable are expected to realize $101,250. The accounts receivable have been pledged to secure a note payable for $67,500 and accrued interest expense of $5,400. c) Inventories will realize approximately 60% of their book value. d) A real estate agent believes that the land, buildings, plant and equipment could be sold for $337,500. The holder of a note payable of $155,250, with accrued interest thereon of $8,100 has a lien against the property for full amount due e) All salaries qualify for priority f) Liquidation expenses are $4,500 Required i. Prepare a schedule of liquidation ii. Compute the amount to be paid to each class of unsecured creditors iii. Distinguish among fully secured, partially secured and unsecured claims of creditors. Iv. List five duties of a receiver in the receivership/liquidation process