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

	Carrying Value					Fair Value
Cash		$	17,600				$	17,600
Accounts Receivable			60,300					51,200
Inventory			90,200					65,200
Land			101,500					83,580
Building (net)			220,800					161,700
Equipment (net)			251,200					100,100
Total		$	741,600				$	479,380

Penns debts follow:

Accounts Payable	$	96,000
Wages Payable (all have priority)		9,700
Taxes Payable		14,600
Notes Payable (secured by receivables and inventory)		191,900
Interest on Notes Payable		5,300
Bonds Payable (secured by land and building)		221,000
Interest on Bonds Payable		11,600
Total	$	550,100

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 $479,380 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 Credit balance Percentage (%) Distributed Group Accounts payable Wages payable Taxes payable Notes payable and interest (Unsecured) Notes payable and interest (Secured) Bonds payable and interest Total