The unsecured creditors of Dan filed a petition under Chapter 7 of the bankruptcy act on July 1, 2016, to force Dan into bankruptcy. The court order for relief was granted on July 10, at which time an interim trustee was appointed to supervise liquidation of the estate. A listing of assets and liabilities of Dan as of July 10, 2016, along with estimated realizable values, is as follows:

ADDITIONAL INFORMATION
1. Accounts receivable are pledged as security for the note payable.
2. No more than $1,000 is owed to any employee.
3. Taxes payable is a priority item.
4. Inventory items include $50,000 acquired on July 5, 2016; the unpaid invoice is included in accounts payable.
5. The mortgage payable and interest are secured by the land and buildings.
6. Trustee fees and other costs of liquidating the estate are expected to be $11,000.
REQUIRED
1. Prepare a statement of affairs for Dan on July 10, 2016.
2. Develop a schedule showing how available cash will be distributed to each class of claims, assuming that (a) the estimated realizable values are actually received and (b) the trustee and other fees of liquidating the estate are $11,000.

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Book Values Estimated Realizable Values Assets Cash Accounts receivable-net Inventories Equipment-net Land and buildings-net Intangible assets $80,000 210,000 200,000 150,000 250,000 10,000 $900,000 $400,000 100,000 24,000 76,000 $80,000 160,000 210,000 60,000 140,000 $650,000 Accounts payable Note payable Wages payable (from June and July) Taxes payable Mortgage payable $200,000, plus $5,000 unpaid interest to July 10 Capital stock Retained earnings deficit 205,000 300,000 (205,000) $900,000