Question - The following items were displayed in the statement of affairs for Lubbock Company:
Fully secured liabilities $90,000
Partially secured liabilities 12,000
Unsecured liabilities without priority 220,000
Unsecured liabilities with priority 8,000
Assets pledged for fully secured assets 120,000
Assets pledged for partially secured assets 6,000
Free Assets 120,000
Based on the foregoing information prepare a working paper showing the how the estimated amount received from the sale of assets will be distributed to the four classes of creditors.