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Distribution in Bankruptcy. Hover Company's balance sheet follows:
ASSETS
Current assets
$1,200,000
Land
3,000,000
Plant and equipment
2,400,000
Total assets
$6,600,000
LIABILITIES AND
STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable
$ 500,000
Notes payable
1,200,000
Accrued taxes
300,000
Total current liabilities
$2,000,000
Noncurrent liabilities
Mortgage bonds
$1,800,000a
Debentures
1,000,000
Total noncurrent liabilities
2,800,000
Total liabilities
$4,800,000
Stockholders' equity
Preferred stock
Common stock
1,300,000
Total stockholders' equity
1,800,000
Total liabilities and stockholders'
equity
Mortgage bonds are secured against plant and equipment.
The liquidation value for the total assets is $4 million, $1.2 million of which was received for plant and equipment. Bankruptcy costs were $150,000. Determine the distribution of the proceeds.
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