kindly help with the attached homework. i need your responses. all work must be done in excel. word is not acceptable or option. there would be no time for me to send back on your correction of work. i.e if your work are not 100% accurate, i would deny and no extra time for you to rework or re do. all answers would be verified.

24-2 The Verbrugge Publishing Company's 2012 balance sheet and income statement are as follows (in millions of dollars). Balance Sheet Current assets $168 Current liabilities $42 Net fixed assets 153 Advance payments 78 Goodwill 15 Reserves 6 $6 preferred stock, $112.50 par value (1,200,000 shares) 135 $10.50 preferred stock, no par, callable at $150 (60,000 shares) 9 Common stock, $1.50 par value (6,000,000 shares) 9 Retained earnings 57 Total assets $336 Total claims Income Statement Net sales $540.0 Operating expense 516.0 Net operating income $ 24.0 Other income 3.0 EBT $ 27.0 Taxes (50%) 13.5 Net income $ 13.5 $336 Dividends on $6 preferred 7.2 Dividends on $10.50 preferred 0.6 Income available to common stockholders $ 5.7 Verbrugge and its creditors have agreed upon a voluntary reorganization plan. In this plan, each share of the $6 preferred will be exchanged for one share of $2.40 preferred with a par value of $37.50 plus one 8% subordinated income debenture with a par value of $75. The $10.50 preferred issue will be retired with cash. a. Construct the projected balance sheet while assuming that reorganization takes place. Show the b. new preferred stock at its par value. Construct the projected income statement. What is the Income available to common stockholders in the proposed recapitalization? c. Required earnings is defined as the amount that is just enough to meet fixed charges (debenture interest and/or preferred dividends). What are the required pre-tax earnings before and after the recapitalization? d. How is the debt ratio affected by the reorganization? If you were a holder of verbrugge's common stock, would you vote in favor of the reorganization? Why or why not? 24-3 At the time it defaulted on its interest payments and filed for bankruptcy, the McDaniel Mining Company had the balance sheet shown below (in thousands of dollars). The court, after trying unsuccessfully to reorganize the firm, decided that the only recourse was liquidation under Chapter 7. Sale of the fixed assets, which were pledged as collateral to the mortgage bondholders, brought in $400,000, while the current assets were sold for another $200,000. Thus, the total proceeds from the liquidation sale were $600,000. The trustee's costs amounted to $50,000; no single worker was due more than $2,000 in wages; and there were no unfunded pension plan liabilities. Current assets $ 400 Account payable $ 50 Net fixed assets Total assets $600 Accrued taxes 40 Accrued wages 30 Notes payable 180 Total current liabilities $ 300 First-mortgage bonds* 300 Second-mortgage bonds* 200 Debentures 200 Subordinated debentures** 100 Common stock 50 Retained earnings (150) $1,000 Total claims $1,000 Notes: *All fixed assets are pledged as collateral to the mortgage bonds. **Subordinated to notes payable only. a. How much will McDaniel's shareholders receive from the liquidation. b. How much will the mortgage bondholders receive? c. who are the other priority claimants (in addition to the mortgage bondholders)? How much will they receive from the liquidation? d. who are the remaining general creditors? How much will each receive from the distribution before subordination adjustment? What is the effect of adjusting for subordination