Problem 13-29 (Static) (L0 134, 13-7) 3 Shi Company is going through a Chapter 7 bankruptcy. All assets have been liquidated, and the company points retains only $26200 in free cash. The following debts, totaling $43,050. remain: Government claims to unpaid taxes 5 7,000 Salary during last month owed to Mr. Key (not an officer) 19,200 Administrative expenses 3,450 Salary during last month owed to Ms. Rankin (not an officer) 5,850 Unsecured accounts payable 7,550 Indicate how much money will be paid to the creditor associated with each debt. 9 Answer is complete but not entirely currect. Administrative expenses 35 3,450 o $ 13,325 0 $ 4,425 0 $ 26,200 9 Salary during last month owed to Mr. Key and Ms. Rankin Govemmenl claims to unpaid taxes Unsecured accounts payable 5 Problem 13-33 (Static) (LO 13-10) 7 The Larisa Company is exiting bankruptcy reorganization with the following accounts: points Book Value Fair Value Receivables 5 30,000 $ 90,000 Inventory 200,000 210,000 Buildings 300,000 400,000 Liabilities 300,000 300,000 Common stock 330, 000 Additional paid-in capital 20, 000 Retained earnings (deficit) (70, 000 ) The company's assets have a $760,000 reorganization value. As part ofthe reorganization, the company's owners transferred 80 percent of the outstanding stock to the creditors. Prepare thejournal entry (or entries) necessary to adjust the company's records to fresh start accounting. (If no entry is required for transaction/event, select "No journal entry required" in the first account field.) 0 Answer is not complete. 1 1 Receivables a 10,000 0 Inventory 0 10,000 0 Buildings 9 100,000 0 Goodwill a 60,000 9 2 2 Additional paid-in capital 0 70,000 9 Retained earnings 0 70,000 0