The following balance sheet has been produced for Litz Corporation as ofAugust 8, 2009, the date on which the company is to begin selling assets as part of a corporate liquidation:

LITZ CORPORATION Balance Sheet August 8, 2009 Assets Cash.$ 16,000 Accounts receivable(net). 82,000 Investments. 32,000 Inventory (net realizable value is expected to approximate cost). 69,000 Land.30,000 Buildings (net).340,000 Equipment(net). 210,000 LO4 Totalassets. $779,000 Liabilities and Equities Accountspayable. $150,000 Notes payable—current (secured by inventory). 132,000 Notes payable—long term (secured by land and buildings [valued at $300,000]). 259,000 Common stock.135,000 Retained earnings.103,000 Total liabilities andequities. $779,000 The following events occur during the liquidation process:

• The investments are sold for $39,000.

• The inventory is sold at auction for $48,000.

• The money derived from the inventory is applied against the current notes payable.

• Administrative expenses of $ 15,000 are incurred in connection with the liquidation.

• The land and buildings are sold for $315,000. The long-term notes payable are paid.

• The accountant determines that $34,000 of the accounts payable are liabilities with priority.

• The company’s equipment is sold for $84,000.

• Accounts receivable of $34,000 are collected. The remainder of the receivables is considered uncollectible.

• The administrative expenses are paid.

a. Prepare a statement of realization and liquidation for the period just described.

b. What percentage of their claims should the unsecured creditors receive?