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Liquidation The following balance sheet represents Boles Electronics Corporation's position at the time it filed for bankruptcy (in thousands of dollars): The mortgage bonds are
Liquidation The following balance sheet represents Boles Electronics Corporation's position at the time it filed for bankruptcy (in thousands of dollars): The mortgage bonds are secured by the plant but not by the equipment. The subordinated debentures are subordinated to notes payable. The firm was unable to reorganize under Chapter 11; therefore, it was liquidated under Chapter 7 . The trustee, whose legal and administrative fees amounted to $225,000, sold off the assets and received the following proceeds (in thousands of dollars): In addition, the firm had $10,000 in cash available for distribution. No single wage earner had claims exceeding the maximum allowable wages per worker, and there were no unfunded pension plan liabilities. a. What is the total amount available for distribution to all claimants? Write out your answer completely. For example, 5 thousand dollar should be entered as 5 ,000. Round your answer to the nearest dollar: $ What is the total of creditor and trustee claims? Write out your answer completely. For example, 5 thousand dollar should be entered as 5,000 . Round your answer to the nearest dollar. $ Will the preferred and common stockholders receive any distributions? b. Determine the dollar distribution to each creditor and to the trustee. What percentage of each claim is satisfied? Do not round intermediate calculations. Enter your answers for dollar distribution in thousands. For example, an answer of $1.23 thousand should be entered as 1.23 , not 1,230 . Round your answers to tivo decimal places. The liquidation distribution (in thousands of dollars)
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