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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.
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