ashdon enterprises ltd has been experiencing some financial challenges due to a downturn in the barbadian economy and had decided to liquidate the business and has filed a petition under the bankruptcy act on november 30, 2016. data relevant to its financial position as of this date are:

Book value esitmated net realizable value

cash 3000 3000

accounts receivable-net 72000 48000

inventories 60000 72000

equipment-net 165000 87000

total assets 300000 210000

accouts payable 72000

rent payable 21000

wages payable 45000

notes payable plus accrued interest 96000

capital stock 180000

retained earning (deficit) (120000)

required:

prepare a statement of affairs assuming that the notes payable and interest are secured by a mortgage on the equipment and that wages are less than 4650 per employee.

2. estimate the amount that will be paid to each class of claims if priority liquidation expenses including trustee fees are 24000 and estimated net realizable values are actually realizes.