Penn Inc.'s assets have the carrying values and estimated fair values as follows: Carrying Value Fair Value Cash $ 16,000 $ 16,000 Accounts Receivable 60,000 50,000 Inventory 90,000 65,000 Land 100,000 80,000 Building (net) 220,000 160,000 Equipment (net) 250,000 100,000 Total $ 736,000 $ 471,000 Penn's debts follow: Accounts Payable $ 95,000 Wages Payable (all have priority) 9,500 Taxes Payable 14,000 Notes Payable (secured by receivables and inventory) 190,000 Interest on Notes Payable 5,000 Bonds Payable (secured by land and building) 220,000 Interest on Bonds Payable 11,000 Total $ 544,500.
Required:
a. Prepare a schedule to calculate the net estimated amount available for general unsecured creditors.
b. Compute the percentage dividend to general unsecured creditors.
c. Prepare a schedule showing the amount to be paid each of the creditor groups upon distribution of the $471,000 estimated to be realizable.