3. Quincy Corp., about to be liquidated, has the following amounts for its assets and liabilities: Current Assets = book value $200,000; net realizable value $100,000 Land = book value $70,000; net realizable value $140,000 Building = book value $500,000; net realizable value $350,000 Equipment = book value $300,000; net realizable value $160,000 Accounts Payable = book value $240,000 Income Taxes Payable = book value $60,000 Mortgage Payable = book value $510,000 Note Payable = book value $80,000 How much should the mortgage holder expect to collect from the liquidation?

MULTIPLE CHOICE

A. $474,000

B. $510,000

C. $450,000

D. $480,000