Kimber Co. is in the process of liquidating and going out of business. The firm's accountant has provided the following balance sheet and additional information: $ 17,500 60,000 111,000 Merchandise inventory Total current assets S 188,500 $ 46,000 346,500 Buildings & equipment Less: Accumulated depreciation 191 Total land, buildings, & equipment Total assets 201,000 S 389,500 Liabilities and Stockholders' Equity Accounts payable Notes payable $ 47,500 56,000 s 105,500 54,300 159,800 Total current liabilities Long-term debt Total liabilities Stockholders' Equity Common stock, no par Retained earnings $ 110,000 119,700 Total stockholders' equity Total liabilities and stockholders' equity S 389,500 It is estimated that all but 7 percent of the accounts receivable can be collected, and that the merchandise inventory can be disposed of in a liquidation sale for 85 percent of its cost. Buildings and equipment can be sold at $40,000 above book value (the difference between original cost and accumulated depreciation shown on the balance sheet), and the land can be sold at its current appraisal value of S62,500. In addition to the liabilities included in the balance sheet, $2,415 is owed to employees for their work since the last pay period, and interest of $5,020 has accrued on notes payable and long-term debt. Required a. Calculate the amount of cash that will be available to the stockholders if the accounts receivable are collected, the other assets are sold as described, and all labilities and other claims are paid in full. It is estimated that all but 7 percent of the accounts receivable can be collected, and that the merchandise inventory can be disposed of in a liquidation sale for 85 percent of its cost. Buildings and equipment can be sold at $40,000 above book value (the difference between original cost and accumulated depreciation shown on the balance sheet), and the land can be sold at its current appraisal value of $62,500. In addition to the liabilities included in the balance sheet, $2,415 is owed to employees for their work since the last pay period, and interest of $5,020 has accrued on notes payable and long-term debt. a. Calculate the amount of cash that will be available to the stockholders if the accounts receivable are collected, the other assets are sold as described, and all liabilities and other claims are paid in full. Total cash available (including sale of assets) S 188,500 47,500 58,000 54,300 5,020 2,415 payable payable Long-term debt nterest payable Vages payable 167,235 Total cash available to stockholders S 21,265