Acompany preparing for a Chapter 7 liquidation has the following liabilities: LO4

• Note payable A of $90,000 secured by land having a book value of $50,000 and a fair value of $70,000.

• Note payable B of $120,000 secured by a building having a $60,000 book value and a $40,000 fair value.

• Note payable C of $60,000, unsecured.

• Administrative expenses payable of $20,000.

• Accounts payable of $120,000.

• Income taxes payable of $30,000.

It has these other assets:

• Cash of $10,000.

• Inventory of $ 100,000 but with fair value of $60,000.

• Equipment of $90,000 but with fair value of $50,000.

How much will each of the company’s liabilities be paid at liquidation?