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How much money can this creditor expect to collect

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Reference no: EM133105844

Question - A statement of Financial affairs created for an insolvent corporation that is beginning the process of liquidation discloses the following data. The assets are shown at net realizable values.

Assets pledged with fully secured creditors $246,000

Fully secured liabilities $173,000

Assets pledged with partially secured creditors $403,000

Partially secured liabilities $536,000

Assets not pledged $323, 000

Unsecured liabilities with priority $232,000

Accounts payable (unsecured) $413,000

Required -

a) The company owes $26,000 on an account payable to an creditor (without priority). How much money can this creditor expect to collect?

b) The company owes $146,000 to a bank on a note payable that is secured by a security interest attached to property with an estimated net realizable value of $103,000. How much money can the bank expect to collect?

Reference no: EM133105844

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