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

1. How much will McDaniel's shareholders receive from the liquidation? If your answer is zero, enter "0". Round your answer to the nearest dollar.

   $ fill in the blank 2

2. How much will the mortgage bondholders receive? If your answer is zero, enter "0". Round your answer to the nearest dollar.

   $ fill in the blank 3

3. 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	$ fill in the blank 4
   Workers' wages due	$ fill in the blank 5
   Governments' taxes due	$ fill in the blank 6
   Total	$ fill in the blank 7

4. 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	$ fill in the blank 8
   Notes payable	$ fill in the blank 9
   Second mortgage bonds	$ fill in the blank 10
   Debentures	$ fill in the blank 11
   Subordinated debentures	$ fill in the blank 12
   Total	$ fill in the blank 13

   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.

   Account	Amount Received after subordination adjustment
   Notes payable	$ fill in the blank 14
   Subordinated debentures	$ fill in the blank 15

X Excel template - Saved Simplified Ribbon File Home Insert Formi.las lata Review) View Help Tell me what you want to do Editing Comments Arial 10 B +- Merce General ... Conditional BY Sty as ,00 - H14 B D E F F H 1 K L $420,000 $180,000 $50,000 No No $400.000 1 Liquidation z 3 Proceeds from sale of fixed assets 4 Proceeds from sale of current assets 5 Trustee's costs 6 Any single worker due more than 52,000 in wages? 7 Any unfunded pension plan liabilities? 8 9 Balance Sheet: 10 Current assets 11 12 13 14 15 Net fixed assets 16 17 18 19 20 21 Total assets Accounts payable Accrusd taxes Accrued wages Noles payable Talal current liabilitkus First-mortgage lends' Second-mortgage bonds Debentures Subordinated debentures Common stock Retained earnings Total claims $50,000 40,000 30,000 180,000 $300,000 300,000 200,000 200,000 B00,000 100,000 50,000 -150,000 $1,000,000 $1,000,000 56789wHug89%B8%88%8gH Formulas #NIA S420,000 23 Notes: : 24 *All fixed assets are pledged as collateral to the mortgage bonds 25 "Subordinated to noles payable only. 26 27 Distribution to Common Shareholders 28 Amount distributed to common shareholders 29 30 Distribution to Mortgage Bondholders: 31 Proceeds from sale of fixed assels 32 Less: 33 First morgage (paid from sale of fixed assets) 34 Second mortgage (paid from sale of fixed assets) 35 Total funds distributed to mortgage bondholders 36 37 Funds available from fixed assets proceeds after distribution to bondholders 38 39 Diarnbution to Pronty Clamments: 40 Proceeds from sale of assets after distribution to mortgage bondholdiers 41 Loss 42 Fees and expenses of bankruptcy 43 Wages due to workers within 3 months of bankruptcy 14 Taxes due to federal, state and local governments UNIA #NIA SD $420,000 #NIA #/ #N/A WNIA WNIA Sheet1 + Calculation Mode: Automatic Workbook Statistics Give Feedback to Microsoft - 100% + X Excel template - Saved Simplified Ribbon File Home Insert Formulas Data Review View Help Tell me what you want to do Editing Comments Arial +- 10 B y 91 Merge General $ Conditional Sty as BY ,00 - D E F G H 1 K L UNIA H14 - fx A B 39 Distribution to Prionity Clawants: 40 Proceeds from sale of assets afler distribution to morgage trordhokiers 41 Les 42 Fees and expenses of bankruptcy 43 Wages due to workers within 3 months of bankruptcy 44 Taxes due to federal, state, and local governments 45 Total funds distributed to priority claimants 46 47 Funds available for distribution to general creditors 48 49 Pro Rata Distribution Before Subordination Adjustment 50 51 Distribution to General Creditors: UNIA #NIA WNIA UNIA #N/A #N/A Pro Rata Distribution Bofors Subordination Adjustment e al Original Claim Received Amount of Claim Distribution after Subordination Adjustment Total Amount Received $0 0 50,000 190,000 0 0 52 General Creditors' Claims 53 Unsatisfied portion of first mortgage 54 Accounts payable 55 Notes payable to banks) 56 Second mortgage 57 Debertures 59 Subordinated debentures 59 Total claims 60 61 Formulas 0 200,000 100,000 S530,000 a a $0 Distribution after Subordination Adjustment e or Original Claim Received #N/A #N/A Total Amount Received #N/A Amount of Clam #VA WNIA Pro Rata Distribution bordination Adjustment #N/A #N/A UNIA ONIA UNA #NA #NA WNIA ANIA PANA UNA 62 General Creditors' Claims 63 Unsatisfied portion of first mortgage 61 Accounts payable 65 Noles payable (lo banks) 66 Second mortgage 67 Debertures 68 Subordinated debentures 69 Total claims 20 71 72 ANA #N/A HBM B&B & $ #NIA 74 75 76 Sheet1 + Calculation Mode: Automatic Workbook :atistics Give Feedback to Micron - % + 100 + X Excel template - Saved Simplified Ribbon File Home Insert Formi.las lata Review) View Help Tell me what you want to do Editing Comments Arial 10 B +- Merce General ... Conditional BY Sty as ,00 - H14 B D E F F H 1 K L $420,000 $180,000 $50,000 No No $400.000 1 Liquidation z 3 Proceeds from sale of fixed assets 4 Proceeds from sale of current assets 5 Trustee's costs 6 Any single worker due more than 52,000 in wages? 7 Any unfunded pension plan liabilities? 8 9 Balance Sheet: 10 Current assets 11 12 13 14 15 Net fixed assets 16 17 18 19 20 21 Total assets Accounts payable Accrusd taxes Accrued wages Noles payable Talal current liabilitkus First-mortgage lends' Second-mortgage bonds Debentures Subordinated debentures Common stock Retained earnings Total claims $50,000 40,000 30,000 180,000 $300,000 300,000 200,000 200,000 B00,000 100,000 50,000 -150,000 $1,000,000 $1,000,000 56789wHug89%B8%88%8gH Formulas #NIA S420,000 23 Notes: : 24 *All fixed assets are pledged as collateral to the mortgage bonds 25 "Subordinated to noles payable only. 26 27 Distribution to Common Shareholders 28 Amount distributed to common shareholders 29 30 Distribution to Mortgage Bondholders: 31 Proceeds from sale of fixed assels 32 Less: 33 First morgage (paid from sale of fixed assets) 34 Second mortgage (paid from sale of fixed assets) 35 Total funds distributed to mortgage bondholders 36 37 Funds available from fixed assets proceeds after distribution to bondholders 38 39 Diarnbution to Pronty Clamments: 40 Proceeds from sale of assets after distribution to mortgage bondholdiers 41 Loss 42 Fees and expenses of bankruptcy 43 Wages due to workers within 3 months of bankruptcy 14 Taxes due to federal, state and local governments UNIA #NIA SD $420,000 #NIA #/ #N/A WNIA WNIA Sheet1 + Calculation Mode: Automatic Workbook Statistics Give Feedback to Microsoft - 100% + X Excel template - Saved Simplified Ribbon File Home Insert Formulas Data Review View Help Tell me what you want to do Editing Comments Arial +- 10 B y 91 Merge General $ Conditional Sty as BY ,00 - D E F G H 1 K L UNIA H14 - fx A B 39 Distribution to Prionity Clawants: 40 Proceeds from sale of assets afler distribution to morgage trordhokiers 41 Les 42 Fees and expenses of bankruptcy 43 Wages due to workers within 3 months of bankruptcy 44 Taxes due to federal, state, and local governments 45 Total funds distributed to priority claimants 46 47 Funds available for distribution to general creditors 48 49 Pro Rata Distribution Before Subordination Adjustment 50 51 Distribution to General Creditors: UNIA #NIA WNIA UNIA #N/A #N/A Pro Rata Distribution Bofors Subordination Adjustment e al Original Claim Received Amount of Claim Distribution after Subordination Adjustment Total Amount Received $0 0 50,000 190,000 0 0 52 General Creditors' Claims 53 Unsatisfied portion of first mortgage 54 Accounts payable 55 Notes payable to banks) 56 Second mortgage 57 Debertures 59 Subordinated debentures 59 Total claims 60 61 Formulas 0 200,000 100,000 S530,000 a a $0 Distribution after Subordination Adjustment e or Original Claim Received #N/A #N/A Total Amount Received #N/A Amount of Clam #VA WNIA Pro Rata Distribution bordination Adjustment #N/A #N/A UNIA ONIA UNA #NA #NA WNIA ANIA PANA UNA 62 General Creditors' Claims 63 Unsatisfied portion of first mortgage 61 Accounts payable 65 Noles payable (lo banks) 66 Second mortgage 67 Debertures 68 Subordinated debentures 69 Total claims 20 71 72 ANA #N/A HBM B&B & $ #NIA 74 75 76 Sheet1 + Calculation Mode: Automatic Workbook :atistics Give Feedback to Micron - % + 100 +