The following balance sheet represents Joe's Electronics' position at the time it filed for bankruptcy $($in thousands of dollars$).$

$\backslash$table$[[$Current assets,$$,,$Accounts payable,$$,150],[,,1000,\backslash$table$[[$Accounts payaole$],[$Accrued taxes$]],,140],[$Net plant,,$600,$Accrued wages,,$130],[$Net equipment,,$400,$Notes payable,,$400],[,,,$Total current liability,$$,820],[,,,$First$-$mortgage bonds,,$400],[,,,$Second$-$mortgage bonds,,$300],[,,,$Subordinated debentures,,$200],[,,,$Preferred stock,,$130],[,,,$Common stock,,$150],[$Total assets,$$,2000,$Total Claims,$$,2000]]$

Only net plant are pledged as collateral to the mortgage bonds $($including both firstmortgage bonds and second$-$mortgage bonds$).$ Subordinated debentures are subordinated to notes payable only. The court, after trying unsuccessfully to reorganize the firm, decided that the only recourse was liquidation under chapter $7.$ Sales of the net plant, which were pledged as collateral to the mortgage bondholders, brought in $$300,000,$ the net equipment brought $$200,000,$ while the current assets were sold for another $$500,000.$ Trustee's costs amounted to $$130,000.$ No single workers were due more than $$2,000$ in wages, and there were no unfounded pension plan liabilities.

$8.$ How much will the subordinate debenture holders receive from the liquidation?

a$.$ $$0$

b$.$ $$12,700$

c$.$ $$55,000$

d$.$ $$100,000$

$9.$ How much will the notes payable holders receive from the liquidation?

a$.$ $$22,857$

b$.$ $$35,555$

c$.$ $$90,000$

d$.$ $$156,522$