Acme Co. purchased a new building for $850,000. To do so, it borrowed $450,000 from Shapiro Limited and gave Shapiro a first mortgage on the building. Acme also borrowed $400,000 from Basco Limited and gave Basco a second mortgage. Both mortgages were duly registered. Acme later went into bankruptcy. The trustee in bankruptcy realized the following amounts from the sale of its business assets and the outstanding liabilities at that time of bankruptcy. Acme Co. Bankruptcy Situation #1 - ASSETS LIABILITIES Building Machinery $600,000 $100,000 1st mortgage: Shapiro 2nd mortgage: Basco $400,000 $280,000 Equipment $60,000 Johnson Limited $220,000 Supplies $40,000 South Limited $100,000 Total Assets $800,000 Total Liabilites $1,000,000 Sask Polytech Respond to these questions for bankruptcy situation #1: List the creditors and the amount of their payments, in the correct order, in which the trustee in bankruptcy made payment to the various types of creditors. Assume that all secured creditors had taken the necessary steps to protect their security. Identify the amounts available and owed to the different categories of creditors. How many cents on the dollar should the general unsecured creditors receive? Save your responses using this SPREADSHEET document.