Kimber Co. is in the process of liquidating and going out of business. The firms accountant has provided the following balance sheet and additional information:

$ 16,000 62,500 115,000 $ 193,500 $ 49,000 349,500 (194,000) 204,500 $398,000 Assets Cash Accounts receivable Merchandise inventory Total current assets Land Buildings & equipment Less: Accumulated depreciation Total land, buildings, & equipment Total assets Liabilities and Stockholders' Equity Accounts payable Notes payable Total current liabilities Long-term debt Total liabilities Stockholders' Equity Common stock, no par Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $ 45,700 58,800 $ 104,500 54,100 $ 158,600 $ 110,000 129,400 239,400 $398,000 It is estimated that all but 12 percent of the accounts receivable can be collected, and that the merchandise inventory can be disposed of in a liquidation sale for 80 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 $63,000. In addition to the liabilities included in the balance sheet, $2,435 is owed to employees for their work since the last pay period, and interest of $5,070 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 liabilities and other claims are paid in full. 421,500 Total cash available (including sale of assets) Accounts payable Notes payable Long-term debt 45,700 58,800 54,100 158,600 262,900 Total cash available to stockholders $