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Oregon Corporation has filed a voluntary petition to reorganize under Chapter 11 of the Bankruptcy Reform Act. Its creditors are considering an attempt to force liquidation. The company currently holds cash of $6,000 and accounts receivable of $25,000. In addition, the company owns four plots of land. The first two (labeled A and B) cost $8,000 each. Plots C and D cost the company $20,000 and $25,000, respectively. A mortgage lien is attached to each parcel of land as security for four different notes payable of $15,000 each. Presently, the land can be sold for the following: Plot A $ Plot B $ Plot C $ Plot D $ 16,000 11,000 14,000 27,000 Another $25,000 note payable is unsecured. Accounts payable at this time total $32,000. Of this amount, $12,000 is salary owed to the company's workers. No employee is due more than $3,400. The company expects to collect $12,000 from the accounts receivable if liquidation becomes necessary. Administrative expenses required for liquidation are anticipated to be $16,000. a. Prepare a statement of financial affairs for Oregon Corporation. (Be sure to list assets in the order of liquidity and unsecured liabilities in the order of priority. Amounts to be deducted should be indicated with minus sign. Leave no cells blank - be certain to enter "0" wherever required.) OREGON CORPORATION Statement of Financial Affairs Book Values $ 33,000 Available for Unsecured Creditors Assets Pledged with Fully Secured Creditors: Land (Plots A and D) $ 43,000 $ Less: Notes Payable -30,000 13,000 Pledged with Partially Secured Creditors: 28,000 Land (Plots B and C) Less: Notes Payable $ 25,000 -30,000 0 Free Assets: 6,000 Cash 6,000 25,000 Accounts Receivable 12,000 $ Total available to pay liabilities with priority and unsecured creditors 31,000 Less: Liabilities with Priority -28,000 $ Available for unsecured creditors 3,000 Estimated deficiency 47,000 $ $ 92,000 Book Values 50,000 Unsecured Nonpriority Liabilities Liabilities and Stockholders' Equity Liabilities with Priority: 0 Administrative Expenses 12,000 $ Salaries Payable $ Total (above) 16,000 12,000 $ 28,000 Fully Secured Creditors: 30,000 Notes Payable $ 30,000 Less: Land (Plots A and D) -43,000 0 Partially Secured Creditors: 30,000 Notes Payable Less: Land (Plots B and C) $ 30,000 $ -25,000 5,000 Unsecured Creditors: 25,000 Notes Payable 25,000 20,000 Accounts Payable (less salaries) 20,000 -25,000 Stockholders' equity $ $ 92,000 50,000 b. If the company is liquidated, how much cash would be paid on the note payable secured by plot B? Amount payable $ 11,240 c. If the company is liquidated, how much cash would be paid on the unsecured note payable? Amount payable $ 1,500 d. If the company is liquidated and plot D is sold for $30,000, how much cash would be paid on the note payable secured by plot B? Amount payable $ 11,480 Explanation: a. Stockholders' equity: Book Values = -25,000 (Derived as a balancing figure.) b. According to the statement of financial affairs prepared above, $3,000 cash should be available for unsecured nonpriority creditors. Unfortunately, $50,000 in unsecured nonpriority liabilities exist. Thus, only 6% of these claims will be covered ($3,000/$50,000). Cash of $11,240 will be paid on the note payable that is secured by plot B. The land is to be sold for $11,000 leaving a $4,000 unsecured debt. Since 6% of this amount is expected to be paid, the holder will only receive an additional $240. c. As indicated in part b, only 6% of the unsecured nonpriority claims can be satisfied. Thus, just $1,500 will be paid on the unsecured $25,000 note payable. d. Selling plot D for $30,000 rather than $27,000 generates an additional $3,000 in available cash. The statement of financial affairs produced above would then report $6,000 as the amount available for unsecured nonpriority claims or 12% of the total ($6,000/$50,000). After plot B is sold for $11,000, the remaining $4,000 of this note is classified as an unsecured nonpriority liability. Since 12% of this amount is to be paid, an additional $480 is transferred to the holder of the note for a total of $11,480