SUBJECT: Bankruptcy

"At the time it defaulted on its interest payments and filed for bankruptcy, the McDaniel Mining Company had the balance sheet shown here (in thousands of dollars). The court, after trying unsuccessfully to reorganize the firm, decided that the only recourse was liquidation under Chapter 7. Sale of the fixed assets, which were pledged as collateral to the mortgage bondholders, brought in $400,000, while the current assets were sold for another $200,000. Thus, the total proceeds from the liquidation sale were $600,000. The trustees costs amounted to $50,000; no single worker was due more than the maximum allowable wages per worker; and there were no unfunded pension plan liabilities. Determine the distribution of proceeds to the claimants."

	Current Assets	$400			Accounts Payable	$50
	Net Fixed Assets	$600			Accrued Taxes	$40
					Accured Wages	$30
					Notes Payable	$180
					Total CL	$300
					1st Mortgage Bonds	$300
					2nd Mortgage Bonds	$200
					Debentures	$200
					Subordinated Debentures	$100
					Common Stock	$50
					Retained Earnings	($150)
	Total Assets	$1,000			Total Claims	$1,000

Could you please answer in table format to show how the calculations were made.