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At the time it defaulted on its interest payments and filed for bankruptcy, the McDaniel Mining Company had the following balance sheet shown below (in

At the time it defaulted on its interest payments and filed for bankruptcy, the McDaniel Mining Company had the following balance sheet shown below (in thousands 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 assets, which were pledged as collateral to the mortgage bondholders, brought in $400,000, while the current assets were sold for another $310,000. Thus, the total proceeds from the liquidation sale were $710,000. The trustee's costs amounted to $65,000; no single worker was due more than $2,000 in wages; and there were no unfunded pension plan liabilities.

Current assets

$ 400

Account payable

$ 50

Net fixed assets

600

Accrued taxes

40

Accrued wages

30

Notes payable

180

Total current liabilities

$ 300

First-mortgage bonds*

300

Second-mortgage bonds*

200

Debentures

200

Subordinated debentures**

100

Common stock

50

Retained earnings

-150

Total assets

$1,000

Total claims

$1,000

Notes: *All fixed assets are pledged as collateral to the mortgage bonds. **Subordinated to notes payable only.

How much will the remaining general creditors receive from the distribution before subordination adjustment? Round your answers to the nearest dollar. Enter your answer in dollars.

Account

Amount Received

Accounts payable

Notes payable

Second mortgage bonds

Debentures

Subordinated debentures

Total

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