At the time it defaulted on its interest payments and filed for bankruptcy, the McDaniel Mining Company had the balance sheet provided in the Microsoft Excel Online file below. The court, after trying unsuccessfully to reorganize the firm, decided that the only recourse was liquidation Sale of the fixed assets, which were pledged as collateral to the mortgage bondholders, brought in $440,000, while the current assets were sold for another $230,000. Thus, the total proceeds from the liquidation sale were $670,000. The trustee's costs amounted to $35,000; no single worker was due more than $2,000 in wages, and there were no unfunded pension plan liabilities. The data has been collected in the Microsoft Excel Online file below. Open the spreadsheet and perform the required analysis to answer the questions below. X Open spreadsheet a. How much will McDaniel's shareholders receive from the liquidation? If your answer is zero, enter "O". Round your answer to the nearest dollar $ b. How much will the mortgage bondholders receive? If your answer is zero, enter "O". Round your answer to the nearest dollar. N S c. How much will other priority claimants receive from the liquidation? Do not round intermediate calculations. Round your answers to the nearest dollar. Claimant Amount Trustee's expenses $ Workers' wages due Governments taxes dues Total 5 $ d. How much will the remaining general creditors receive from the distribution before subordination adjustment? If your answer is zero, enter "0". Do not round intermediate calculations. Round your answers to the nearest dollar. Account Amount Received Accounts payable $ Notes payable $ Second mortgage bonds $ Debentures $ Next Back Show All Qutput-1 yxdb RA Ur1|ts Stock, NH c. How much will other priority claimants receive from the liquidation? Do not round Intermediate calculations. Round your answers to the nearest dollar. Claimant Amount Trustee's expenses $ Workers' wages due $ Governments taxes due $ Total d. How much will the remaining general creditors receive from the distribution before subordination adjustment? If your answer is zero, enter "o". Do not round intermediate calculations. Round your answers to the nearest dollar. Account Amount Received Accounts payable $ Notes payable $ Second mortgage bonds $ Debentures $ Subordinated $ debentures Total $ What is the effect of adjusting for subordination? If your answer is zero, enter "O". Do not round intermediate calculations. Round your answers to the nearest dollar Amount Received after Account subordination adjustment Notes payable Subordinated debentures $ Check My Work Reset Problem Back Nen Clipboard Font Alignment Filter Select - Number Tables E1 Cells D E G $440,000 $230,000 $35,000 No No A B 1 Liquidation 2 3 Proceeds from sale of fixed assets 4 Proceeds from sale of current assets 5 Trustee's costs 6 Any single worker due more than $2,000 in wages? 7 Any unfunded pension plan liabilities? 8 9 Balance Sheet 10 Current assets $400,000 11 12 13 14 15 Net fixed assets 16 17 18 19 20 21 Total assets $1,000,000 22 23 Notes: 24 All fixed assets are pledged as collateral to the mortgage bonds. 25 **Subordinated to notes payable only. 26 27 Distribution to Common Shareholders: 28 Amount distributed to common shareholders Sheet1 + 600,000 Accounts payable Accrued taxes Accrued wages Notes payable Total current liabilities First-mortgage bonds Second-mortgage bonds Debentures Subordinated debentures Common stock Retained earnings Total claims $50,000 40,000 30,000 180,000 $300,000 300,000 200,000 200,000 100,000 50,000 - 150.000 $1,000,000 Formulas #N/A Calculation Mode: Automatic Workbook Statistics Help Improve Mice Amazon.com_cas.pdf 2 Amazon_Case...docx A Case Study 4.docx Output-1.yxdb RA. Unitsin Stock.xlsx 29 Number M Autosum 2Y O $ %) 818 Insert Delete Format Conditional Format Dell Formattint-table-Style Tables Cler Number Sort & Find & Filtar Select- Editing Calls D E F G Formulas #NA Cut Arial 10 A' A Lb Copy Paste Format Painter BIUD a. A Linde Clipboard Font Alignment E47 fi =FORMULATEXT(D47) A B 22 23 Notes: 24 *All fixed assets are pledged as collateral to the mortgage bonds. 25 **Subordinated to notes payable only. 26 27 Distribution to Common Shareholders. 28 Amount distributed to common shareholders 29 30 Distribution to Mortgage Bondholders: 31 Proceeds from sale of fixed assets 32 Less: 33 First mortgage (paid from sale of fixed assets) 34 Second mortgage (paid from sale of fixed assets) 35 Total funds distributed to mortgage bondholders 36 37 Funds available from fixed assets proceeds after distribution to bondholders 38 39 Distribution to Priority Claimants: 40 Proceeds from sale of assets after distribution to mortgage bondholders 41 Less : 42 Fees and expenses of bankruptcy 43 Wages due to workers within 3 months of bankruptcy 44 Taxes due to federal, state, and local governments 45 Total funds distributed to priority claimants 46 47 Funds available for distribution to general creditors 48 49. Pro Rata Distribution Before Subordination Adjustment Sheet1 + $440,000 #N/A #N/A SO $440,000 #N/A #NA #N/A #N/A #N/A #N/A #/ #N/A Calculation Mode: Automate Workbook Statistics Help Improve Once A Amazon.com_cas....pdf Show Amazon_Case_....docx Case Study 4.docx Output-1.yxdb RA. Units InSte, Mi H Paste BIUR ab LOA Els Copy 3 format Painter ipboard $ % 9 8.18 Conditional for Cell Insert Delete Format Sort Find Filter Select- Editing Font Nipment Number Tables Calls E70 B C D F G E #N/A A 49 Pro Rata Distribution Before Subordination Adjustment 50 51 Distribution to General Creditors: : Pro Rata Distribution Before Subordination Adjustment Total Amount Received e of Original Claim Received Amount of Claim Distribution after Subordination Adjustment $0 0 50,000 180,000 0 0 52 General Creditors' Claims 53 Unsatisfied portion of first mortgage 54 Accounts payable 55 Notes payable (to banks) 56 Second mortgage 57 Debentures 58 Subordinated debentures 59 Total claims 60 61 Formulas 0 0 200,000 100,000 $530,000 SO Distribution after Subordination Adjustment Amount of Claim #N/A Total Amount Received #N/A Pro Rata Distribution Before Subordination Adjustment #N/A #N/A #N/A #N/A #N/A #N/A ANIA e of Original Claim Received INA UNA #N/A WNIA WNIA WNIA #N/A 62 General Creditors' Claims 63 Unsatisfied portion of first mortgage 64 Accounts payable 65 Notes payable (to banks) 66 Second mortgage 67 Debentures 68 Subordinated debentures 69 Total claims 70 A Sheet1 + #N/A ANIA #NIA Helmeve Office - 1001 + Calculation Mode: Automatic Workbook Statistics Show All Output-1.yxdb RA.Urit InStock xls2. 2 Amazon.com.cas....pdf Amazon Case_...docx A 2 Case Study 4.docx da