19. to 31.) Kelvin Company has decided to seek liquidation after previous restructuring and quasi-reorganization attempts failed. The company has the following condensed balance sheet as of May 1, 2011:

ASSET

CashP 12,000

Receivable (net) 280,000

Inventory70,000

Prepaid expenses1,000

Plant assets300,000

Goodwill39,000

TotalP702,000

LIABILITIES AND STOCKHOLDER'S EQUITY

Accrued PayrollP 40,000

Loans from officer50,000

Accounts payable60,000

Equipment loans payable360,000

Business loan payable180,000

Common Stock60,000

Deficit(48,000)

TotalP702,000

The equipment loan payable is secured by specific plant assets having a book value of P300,000 and a realizable value of P350,000. Of the accounts payable, P40,000 is secured by inventory which has a cost of P40,000 and a liquidation value of P44,000. The balance of the inventory has a realizable value of P32,000. Receivables with a book value and market value of P100,000 and P80,000 respectively have been pledged as collateral on the business loan payable. The balance of the receivables has a realizable value of P150,000.

19. Assuming trustee expenses of P12,000 in addition to recorded liabilities, which of the remaining unsecured creditors has the next highest order of priority.

a.Accrued payrollc.Loan from officer

b.Equipment loan payable d.Business loan payable

20. The realizable value of assets pledged with fully secured creditors is:

a.P459,000c.P40,000

b.P44,000d.P489,000

21. Of those creditors who are partially secured, their unsecured amounts are:

a.P430,000c.P540,000

b.P110,000d.P120,000

22. The total realizable value of free assets to unsecured creditors before unsecured creditors with priority is:

a.P628,000c.P220,000

b.P232,000d.P198,000

23. The dividend to unsecured creditors or the expected recovery percentage of unsecured creditors (rounded) is:

a.90%c.88%

b.100%d.76%

24. Estimated deficiency to unsecured creditors is:

a.P 0c.P2,000

b.P22,000d.P12,000

25. Estimated loss on asset disposition is:

a.P51,000c.P51,000

b.P 89,000d.P90,000

26. Estimated gain as asset disposition is:

a.P56,000c.P52,000

b.P54,000d.P 6,000

27. Estimated amount paid to unsecured creditors with priority is:

a.P10,000c.P40,000

b.P30,000d.P110,000

28. Estimated amount paid to fully secured creditors is:

a.P40,000c.P470,000

b.P390,000d.P430,000

29. Estimated amount paid to unsecured creditors without priority is:

a.P70,000c.P20,000

b.P61,600d.P50,000

30. Estimated payment to partially secured creditors is:

a.P358,000c.P168,000

b.P526,800d.P430,000

31. Estimated payment to creditors is (discrepancy is expected due to rounding off)

a.P580,000c.P571,000

b.P659,600d.668,400

Please provide the solution so I could review how to get the answers step by step. Thank you!