(Question 1 continued) Required Prepare a schedule of liquidation Compute the amount to be paid to each class of unsecured creditors Distinguish among fully secured, partially secured and unsecured claims of creditors. List five duties of a receiver in the receivership/liquidation process. Question 2 [25 marks] a) The following comparative consolidated trial balances apply to Clarke's Enterprises Inc. and Its subsidiary Hugh Anthony Inc. (80% control): 11/30/2017 11/30/2018 Cash $275,000 $ 300,800 Trading Securities Portfolio (at market) 160,000 120,000 Accts Rec 350,000 379,600 Inventories 316,000 268,000 Land 95,000 180,000 PPE 500,000 520,000 Accumulated Depreciation (135,000) (152,000) Goodwil 60,000 60,000 Current Liabilities (190,000) (154,500) Long-Term Notes Payable (450,000) (390,000) NCI (161,000) (188,780) Paid-in Capital (Common Stock + APIC) (660,000) (670,000) Retained Earnings (195,000) (288,120) Treasury Stock 35.000 15.000 The following is additional information for 2018: a) No trading securities were sold nor were any Investments added to the portfolio. b) Land was acquired by issuing a $40,000 note and giving cash for the balance. c) Equipment (cost $50,000; accumulated depreciation $40,000) was sold for $3,000 d) Dividends declared and paid: Clarke's Associates 50,000; Hugh Anthony Inc. $40,000. e) Consolidated net income amounted to $178,900. 1) Treasury stock was reissued at premium. Required: Prepare the consolidated statement of cash flows for the year ended November 30, 2018, for Clarke's Associates and its subsidiary. TURN OVER