Penn Inc.'s assets have the carrying values and estimated fair values as follows Carrying Value 16,700 61,300 92,000 101,800 220,300 251,900 $744,000 Fair Value Cash Accounts Receivable Inventory Land Building (net) Equipment (net) Total 16,700 50,500 66,000 80,642 161,500 100,200 $475,542 Penn's debts follow: Accounts Payable Wages Payable(all have priority) Taxes Pavable Notes Payable(secured by receivables and inventory) Interest on Notes Payable Bonds Payable(secured by land and building) Interest on Bonds Payable Total $ 96,000 10,500 14,100 190,200 5,200 221,200 11,800 $549,000 Required: a. Prepare a schedule to calculate the net estimated amount available for general unsecured creditors. 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 b. Compute the percentage dividend to general unsecured creditors. Estimated dividend c. Prepare a schedule showing the amount to be paid each of the creditor groups upon distribution of the $475,542 estimated to be realizable Credit Percentage Distributed balance Group Accounts payable Wages payable Taxes payable Notes payable and interest (Unsecured) Notes payable and interest (Secured) Bonds payable and interest Total