CommTex corporation is liquidating under chapter 7 of the Bankruptcy Act. The aacounts of the CommTex at the time filing are summarized as follows.

1. Prepare a schedule showing the priority rankings of the creditors and the expected payouts.

2. Devendor Corporation was a supplier to CommTex and its account receivable was $25000. How much can Devendor expect to receive?

Chapter 18 CommTex Corporation is liquidating under Chapter 7 of the Bankruptcy Act. The accounts of CommTex at the time of filing are summarized as follows: Estimated Realizable Value Book Value 80,000 80,000 Cash Accounts receivable-net Inventory tand Building-net Equipment-net Goodwill 50,00060,000 80,000 20,000 40,000 13 0 50,000 110,000 60,000 40,000 ?10.000 $440.000 $120,000 b Accounts payable Wages and salaries Contributions due to pension plan 20,000 10,000 60,000 10,000 12 Taxes payable Accrued interest payable (includes $8,000 from the mortgage payable and $2,000 from the note payable 120,000 Note payable Mortgage payable Capital stock Deficit 80,000 o vo $440.000 The land and building are pledged as security for the mortgage payable as well as any accrued interest on the mortgage. The note payable is secured with the equipment, but the interest on the note is unsecured. Wages and salaries were earned within 90 days of filing the petition for bankruptcy and pension plan contributions relate to services rendered within 6 months of filing the petition for bankruptcy; neither exceeds $4,000 per employee. Liquidation expenses are expected to be $40,000. uired 1. Prepare a schedule showing the priority rankings of the creditors and the expected payouts. 2. Devendor Corporation was a supplier to CommTex Corporation and at the time of CommTex's bankruptcy filing, Devendor's account receivable from CommTex was $25,000. On the basis of the estimates, how much can Devendor expect to receive