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J l_ Smith Inc is a small manufacturer located in Goobertown, AR. They have come into some badluck and have decided to file for Chapter 7 Bankruptcy Protection. The Company has assetsconsisting of cash in the bank of $1,045.12, inventory of $9,227.01, equipment of $298,017.45, and real estate of $565,188.92.<J(J The liabilities of the company include the following: utility bills for $2,003.56, credit card billsfor $192,716.28, taxes owed of $201,155.87, a loan from the bank secured by the real estatefor $850,000, legal fees of $17,816.08, and back wages for the previous month owed totaling $24,000. <J(J The company has no preferred stock but has 10,000 shares of common stock.<J(J How much will each party receive at the bankruptcy?<J
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