At the time it defaulted on its interest payment and filed for bankruptcy, the McDaniel Mining Company had the balance sheet shown below in thousand of dollars.the court, after trying unsuccessfully to reorganize the firm, decided that the only recourse was liquidation under chapter 7, sale of the fixed assests, which were pledged as collateral to the mortgage bondholders, brought in $400,000, while the current assets were sold for another $200,000. thus the total proceeds from the liquidation sale were $600,000. the trustee cost amounted to $50,000 no single worker was due more than $2,000 in wages and there were no unfunded pension plan liabilites

current assets $400 accounts payable $50

net fixed assets $600 accured taxes $40

accured wages $30

notes payable $180

total current liablitiles $300

first mortgage bonds 300

second mortgage bond 200

debentures 200

subordinated debentures 100

common stock 50

retained earnings (150)

total assets 1,000 total claims 1,000

a. how much will Mcdaniel shareholders receive from the liquidation?

b. how much will the mortgage bondholders receive?

c. who are the other priority claimants in addition to the mortgage boldholers? how much will they receive from the liquidation/

d. who are th remaining general creditors? how much will each receive from the distrubution before subordination adjustment? what is the effect of adjusting for subordination?