Question 4 [20 marks] Alitech Corporation has been experiencing some financial difficulties over the years and the management has decided to liquidate the business as at July 31, 2014. The accounts of Alitech at the time of filing are summarized as follows: The land and building are pledged as security for the mortgage payable as well as any accrued interest on the mortgage. Wages and salaries qualify for priority as they were earned within 90 days of filing the petition for bankruptcy and do not exceed $10,000 per employee. Liquidation expenses are expected to be $30,000. Required: I. Prepare a schedule of liquidation [14 marks] II. Billing Corporation was a supplier to Alitech Corporation and at the time of Alitech's bankruptcy filing, Billing's account receivable from Altech was $40,000, On the basis of the estimates, how much can Billing expect to receive? [2 marks] III. Assume that the trustee has determined that the unsecured claims will receive $.20 on the dollar. Odemay Corporation holds a $100,000 mortgage note receivable from Alitech Corporation that is secured by the bullding with a $200,000 book value and the revised fair value is now $75,000. [ 4 marks] Consider the following events for University College of Barbados: a. Unrestricted contributions are pledged in the amount of $500,000. b. Purchase of material and supplies totaling $100,000 of which $25,000 is not yet paid. c. Endowment income of $8,000 is restricted to student aid activities. d. A government grant for $200,000 was awarded for research. e. Materials and supplies used were as follows: Student services $10,000, Auxiliary enterprise $25,000 f. Federal government monies of $50,000 restricted for student loans are received. 9. Expenses for the research project in d. totaled $100,000 to date. h. Term endowments expire, making $10,000 cash available. i. Cash of $10,000 from Life Income Fund Investments is received. 1. Bills went out for dormitory fees of which $250,000 is paid and $50,000 is still not received. Required: Prepare the joumal entries to record each of the above transaction, assuming that the