A fi rm has $450,000 in funds to distribute to its unsecured creditors. Three possible sets of unsecured creditor claims are presented. Calculate the settlement, if any, to be received by each...

A fi rm has $450,000 in funds to distribute to its unsecured creditors. Three possible sets of unsecured creditor claims are presented. Calculate the settlement, if any, to be received by each creditor in each case shown in the following table: Unsecured Creditors’ Claims Case I Case II Case III Unpaid balance of second mortgage $300,000 $200,000 $ 500,000 Accounts payable 200,000 100,000 300,000 Notes payable—bank 300,000 100,000 500,000 Unsecured bonds 100,000 200,000 500,000 Total $900,000 $600,000 $1,800,000