Jacobs Jewels is preparing for liquidation (balance sheet in $ millions). Trustees costs total $2M. Sale of the fixed assets, which were pledged as collateral to the mortgage bondholders, brought in $50M, while the current assets were sold for another $40M. The firm has no accrued taxes or wages. The debentures are subordinated to the notes payable. How are the proceeds from the sale of assets distributed to all stakeholders?

Current assets $100 First mortgage 50

Fixed assets 115 Notes payable 75

Subordinated bond 50

Common equity 10

Total assets $215 Total liabilities & equity $215

QUESTION: In the text box below, clearly state how the proceeds from the sale of assets are distributed to all stakeholders.

[For example, are the holders of notes payable paid in full? If not, how much? Answer for each stakeholder.]