The following balance sheet represents Boles Electronics Corporation’s position at the time it filed for bankruptcy (in thousands of dollars):

Cash $ 10 Accounts payable $ 1,600 Receivables 100 Notes payable 500 Inventories 890 Wages payable 150 Taxes payable 50 Total current assets $ 1,000 Total current liabilities $ 2,300 Net plant 4,000 Mortgage bonds 2,000 Net equipment 5,000 Subordinated debentures 2,500 Preferred stock 1,500 Common stock 1,700 Total assets $10,000 Total claims $10,000 The mortgage bonds are secured by the plant but not by the equipment. The subordinated debentures are subordinated to notes payable. The firm was unable to reorganize under Chapter 11; therefore, it was liquidated under Chapter 7. The trustee, whose legal and administrative fees amounted to $200,000, sold off the assets and received the following proceeds (in thousands of dollars):

ASSET PROCEEDS Plant $1,600 Equipment 1,300 Receivables 50 Inventories 240 Total $3,190 In addition, the firm had $10,000 in cash available for distribution. No single wage earner had over $2,000 in claims, and there were no unfunded pension plan liabilities.