Reference no: EM132588154
Question 1: Los Angeles Co. has forced into bankruptcy and liquidated. Unsecured claims will be paid at the rate of 0.50 on the peso. Las Vegas Co. holds a non-interest- bearing note receivable from Los Angeles Co. in the amount of 50,000, collateralized by machinery with a liquidation value of 10,000,000. The total amount to be realized by Las Vegas Co. on this note receivable is?
Question 2: On July 20,2015 , Chloe, Lucifer and Amenadiel from a partnership investing cash of 105,000; 94,500 and 29,400, respectively. The partners share profits 3:2:2 and on October 30, 2015, they have cash of 7,000; other assets of 322,500; and liabilities of 179,200. On this date , they decided to go out of business and sell all the assets for 210,000. Amenadiel has personal assets of 10,500 that may , if necessary, be used to meet partnership obligations. What is the amount received by partner Lucifer at the end of liquidation?
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