Reference no: EM132624955
Question - A company preparing for a Chapter 7 liquidation has listed the following liabilities:
Note payable A of $92,000 secured by land having a book value of $51,000 and a fair value of $71,000.
Note payable B of $122,000 secured by a building having a $61,000 book value and a $41,000 fair value.
Note payable C of $61,000, unsecured.
Administrative expenses payable of $21,000.
Accounts payable of $121,000.
Income taxes payable of $31,000.
The company also has these other assets:
Cash of $11,000.
Inventory of $102,000 but with a net realizable value of $61,000.
Equipment of $92,000 but with a net realizable value of $51,000.
Based on this information, how much will each of the company's liabilities be paid at liquidation?
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