Alitech Corporation is liquidating under Chapter 7 of the Bankruptcy Act. The accounts of Alitech at the time of filing are summarized as follows: Estimated Realizable Book Value Value Cash $ 10,000 $ 10,000 Accounts receivable-net 60,000 50,000 Inventory 110,000 65,000 Land 20,000 35,000 Building 200,000 126,000 Goodwill 22,000 $ 422,000 Accounts payable $ 120,000 Wages and salaries 30,000 Taxes payable 80,000 Accrued mortgage interest payable 22,000 Mortgage payable 100,000 Capital stock 90,000 Deficit (20,000) $ 422,000 The land and building are pledged as security for the mortgage payable as well as any accrued interest on the mortgage. Wages and salaries were earned within 90 days of filing the petition for bankruptcy and do not exceed $10,000 per employee. Liquidation expenses are expected to be $30,000. Part 1: Prepare a schedule showing the priority rankings of the creditors and the expected payouts. Part 2: Billing Corporation was a supplier to Alitech Corporation, and at the time of Alitech's bankruptcy filing, Billing's account receivable from Alitech was $40,000. On the basis of the estimates, how much can Billing expect to receive?