The carry values and estimated fair values of the assets of Lace Corporation which is in the process of preparing the statement of affairs are as follows:

Carrying Value Fair Value

Cash 100,000 100,000

accounts receivable 225,000 150,000

inventory 300,000 175,000

land 375,000 350,000

building (net) 900,000 500,000

furniture (net) 850,000 400,000

Liabilities of Lace are as follows;

accounts payable 300,000

wages payable (all have priority) 50,000

taxes payable 60,000

notes payable (secured by receivable and inventory) 600,000

interest on notes payable 20,000

bonds payable (secured by land and building) 750,000

interest on bonds payable 25,000

1. what is the total amount of unsecured claims?
2. what is the total free assets
3. what is the total liabilities with priority?
4. what is the estimated recovery percentage?
5. what is the estimated deficiency?