Here Is the Balance Sheet of Falencia Company, as It

Here is the balance sheet of Falencia Company, as it enters Chapter 7 bankruptcy:
$$\begin{array} { | l | r | } \hline \text { Assets } & \\\hline \text { Cash } & \$ 1,000 \\\hline \text { Accounts receivable, net } & 120,000 \\\hline \text { Raw materials inventory } & 110,000 \\\hline \text { Finished goods inventory } & 250,000 \\\hline \text { Prepaid advertising and insurance } & 15,000 \\\hline \text { Investments } & 30,000 \\\hline \text { Buildings and equipment, net } & 1,400,000 \\\hline \text { Intangible assets } & 250,000 \\\hline \text { Total assets } & \$ \underline { \$ 2,176,000 } \\\hline \text { Liabilities and shareholders' equity } & \\\hline \text { Accounts payable } & \$ 350,000 \\\hline \text { Bank loan payable } & 425,000 \\\hline \text { Accrued federal taxes payable } & 40,000 \\\hline \text { Accrued salaries and wages payable } & 20,000 \\\hline \text { Mortgage payable } & 1,000,000 \\\hline \text { Notes payable } & 350,000 \\\hline \text { Capital stock } & 70,000 \\\hline \text { Retained earnings (deficit) } & ( 79,000 ) \\\hline { \text { Total liabilities and equity } } & \$ 2,176,000 \\\hline\end{array}$$ Additional information:
1) $30,000 of reported accounts receivable will likely not be received.
2) The raw materials have a realizable value of $90,000, and the finished goods have a realizable value of $200,000. The notes payable are secured by the inventory balances.
3) There is no refund allowed on prepaid advertising and insurance.
4) The investments consist of held-to-maturity debt securities with a realizable value of $35,000.
5) The buildings and equipment have a realizable value of $1,100,000, and are security for the mortgage.
6) The intangible assets are the result of an acquisition in a previous year; they have no realizable value now.
7) All liabilities other than the note and the mortgage are unsecured. Priority items are within statutory limits.
8) Falencia Company has been named as the defendant in a lawsuit, which is not reported on its balance sheet. The lawsuit is expected to be settled out of court for $100,000, which will be the responsibility of Falencia Company.
9) Expected legal, accounting, and administrative costs of the bankruptcy are $50,000.
Required
a. Prepare a statement of affairs.
b. Calculate the total amount, in dollars, that creditors can expect to receive upon liquidation.
c. How much, in dollars, can each class of creditors (priority, fully secured, partially secured, and unsecured) expect to receive? Round your answers to the nearest dollar, if necessary. Note: The totals in requirements b and c should be the same.