24) A company that was to be liquidated had the following liabilities: Income Taxes $ 15,000 120,000 48,000 Notes Payable secured by land Accounts Payable Salaries Payable ($18,000 for Employee #1 and $5,000 for Employee #2) Administrative expenses for liquidation 23,000 25,000 The company had the following assets: Current Assets Land Book Value 130,000 60,000 Fair Value $115,000 100,000 $ Building 175,000 220,000 Total liabilities with priority are calculated to be what amount? A) $38,000 B) $58,650. C) $63,000. D) $106,650. E) $111,000