Penn Inc.s assets have the carrying values and estimated fair values as follows:

	Carrying Value					Fair Value
Cash		$	16,200				$	16,200
Accounts Receivable			61,000					50,200
Inventory			91,400					65,500
Land			100,300					84,280
Building (net)			220,800					161,900
Equipment (net)			250,500					100,900
Total		$	740,200				$	478,980

Penns debts follow:

Accounts Payable	$	95,600
Wages Payable (all have priority)		10,300
Taxes Payable		14,400
Notes Payable (secured by receivables and inventory)		191,000
Interest on Notes Payable		5,400
Bonds Payable (secured by land and building)		221,000
Interest on Bonds Payable		11,800
Total	$	549,500

Required: a. Prepare a schedule to calculate the net estimated amount available for general unsecured creditors.

b. Compute the percentage dividend to general unsecured creditors.

c. Prepare a schedule showing the amount to be paid each of the creditor groups upon distribution of the $478,980 estimated to be realizable.

PENN INC. General Unsecured Creditors Total estimated fair values Claims of secured creditors: Notes payable and interest (Receivables and inventory) Bonds payable and interest (Land and Building) Claims of creditors with priority: Wages payable Taxes payable Available to general unsecured creditors Estimated dividend % Group Credit balance Percentage (%) Distributed Accounts payable Wages payable Taxes payable Notes payable and interest (Unsecured) Notes payable and interest (Secured) Bonds payable and interest Total