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Penn Inc.'s assets have the carrying values and estimated fair values as follows: Carrying Value 17,400 61,100 90,400 101,700 221,700 251,400 Fair Value Cash Accounts Receivable Inventory Land Building (net) Equipment (net) Total $ 17,400 51,500 66,000 79,296 161,600 101,300 $743,700 $477,096 Penn's debts follow 96,900 10,800 14,100 Accounts Payable Wages Payable(all have priority) Taxes Payable Notes Payable (secured by receivables and inventory) Interest on Notes Payable Bonds Payable (secured by land and building) Interest on Bonds Payable Total 191,400 5,400 221,000 11,500 $551,100 Required a. Prepare a schedule to calculate the net estimated amount available for general unsecured creditors. PENN INO General Unsecured Creditors Total estimated fair values 477,09 Claims of secured creditors Notes payable and interest (Receivables and invento Bonds payable and interest (Land and 226,400 31 226,400 Buildin 250,696 Claims of creditors with priority: 10,8 14,10 Wages payable Taxes payable 24,900 Available to general unsecured creditors 225,796 b. Compute the percentage dividend to general unsecured creditors. Answer is complete but not entirel Estimated dividend c. Prepare a schedule showing the amount to be paid each of the creditor groups upon distribution of the $477,096 estimated to be realizable Answer is complete but not entirely correct. Credit Percentage Distributed Group balance $ 96,90 10,80 14,10 196,80 60X $ 58,140 10,800 14,100 Accounts payable Wages payable Taxes payable Notes payable and interest 10 10 60 118,080 Unsecured Notes payable and interest Secured 10196,800 196,800 $ 594,720 196,800 10 Bonds payable and interest 196,80 Total

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