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I need help in this question. Please do it correctly and 100%. Please do not make any mistake in this 2 5 points Penn
I need help in this question. Please do it correctly and 100%. Please do not make any mistake in this
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2 5 points Penn Inc's assets have the carrying values and estimated fair values as follows: Carrying Value Fair Value Cash $ 17,7ee $ 17,700 Accounts Receivable 61, 688 51,200 Inventory 91,980 66,790 Land 109,900 79,448 Building (net) 220,380 160, 380 Equipment (net) 250, 30e 108, 109 Total $742,790 $475,448 eBook Penn's debts follow: Print References Accounts Payable Wages Payable (all have priority) Taxes Payable Notes Payable (secured by receivables and inventory) Interest on Notes Payable Bonds Payable (secured by land and building) Interest on Bonds Payable Total $ 96,480 9,180 14,488 191,300 5,888 220,700 11,500 $549,280 Required: a. Prepare a schedule to calculate the net estimated amount available for general unsecured creditors. 2 Required: a. Prepare a schedule to calculate the net estimated amount available for general unsecured creditors. 5 points PENN INC. General Unsecured Creditors Total estimated fair values Claims of secured creditors: Notes payable and interest (Receivables and inventory) Bonds payable and interest (Land and Building) eBook Print Claims of creditors with priority Wages payable Taxes payable Available to general unsecured creditors References b. Compute the percentage dividend to general unsecured creditors. Estimated dividend % 2 Available to general unsecured creditors 5 points b. Compute the percentage dividend to general unsecured creditors. eBook Estimated dividend 9% Print References c. Prepare a schedule showing the amount to be paid each of the creditor groups upon distribution of the $475.448 estimated to be realizable. Group Credit balance Percentage (%) Distributed Accounts payable Wages payable Taxes payable Notes payable and interest (Unsecured) Notes payable and interest (Secured) Bonds payable and interest Total
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