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1.) Patrice Company has financial difficulties and is considering filing for bankruptcy. It has the following assets and liabilities. The assets are stated at net
1.) Patrice Company has financial difficulties and is considering filing for bankruptcy. It has the following assets and liabilities. The assets are stated at net realizable value. Building, secured by a mortgage with a balance of $ 95,000 $ 110,000 Accounts receivable, secured by a note payable with a balance of $ 150,000 $ 120,000 Cash $ 45,000 Inventories which are unencumbered $ 30,000 $57,000 Liabilities with priority Unsecured creditors without priority $300,000 In a liquidation how much will be paid to the partially secured creditors and how much to the unsecured creditors without priority? 10 points
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