Provide detailed solution and explanation

16) Julie's Tanning Systems has an estimated liquidation value (after all prior claims have been satisfied) of $3,000,000,$1,500,000 from fixed assets, and $1,500,000 from current assets. The firm's value as a going concern is $4,000,000. The firm's current capital structure is as follows: Prepare a table indicating the amount, if any, to be distributed to each claimant, in the event of liquidation. After payment to the mortgage bondholders from the $1,500,000 proceeds from the sale of the fixed assets, the remaining debt is ($7,000,000$1,500,000)=$5,500,000. Mortgage bond receives $1,500,000 from fixed assets liquidation and then joins liquidation as a general creditor